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Nostra Terra Oil and Gas Company plc. (LON:NTOG) shares rose 7.46% to 1.80p after saying it will be issuing a full response to what it believes are “factual inaccuracies” made by Magnolia Petroleum PLC.
Magnolia on Tuesday issued a circular convening a general meeting for 18 July, claiming that it had been contacted by Snead group and Nostra Terra’s chief executive, Matthew Lofgran, about removing Magnolia’s boss.
The Snead group has proposed removing Magnolia’s chief executive Rita Whittington, and appointing Nostra Terra chairman Kristian Ainsworth as a director.
