Nostra Terra says that North Petroleum International Company, owner of the other 50% interest and operator in East Ghazalat, has served a notice of default pursuant to the terms of the JOA in respect of unpaid cash calls for November and December 2015, which the JV estimates to be approximately $750,000.

These cash calls had previously been rejected by the JV on the grounds that they were manifestly excessive, contained no justification for the level of funds demanded and failed to reflect the issues already raised by the JV under the JOA in relation to the 2015 budget.

Tags: Nostra Terra Oil & Gas