Nostra Terra announced changes to its board of directors with effect from 20 May 2024. Matt Lofgran, Nostra Terra's long-serving CEO, has stepped down from the role to concentrate on other interests. Matt has led the Company since 2009 and he will continue to provide support to the Company as an advisor for a 6 month transition period.

Paul Welch, currently a non-executive director of the Company, will move to the role of CEO with immediate effect. Paul has extensive experience of working in the Texas oil and gas industry. Overall, he hasmore than 30 years of industry experience, having worked for Shell Oil Company for 15 years and for several large independents, including Hunt Oil Company and Pioneer Natural Resources.

Paul was CEO of AIM-listed explorer Chariot Oil and Gas (2009-2012) and subsequently of Sea Dragon Energy and SDX Energy, the latter until 2019. He was appointed as CEO of Cosimo Holding Ltd. in 2019. Paul was also appointed Chairman of Main Market ACP Energy PLC in 2022.

He graduated from the Colorado School of Mines with bachelor's and master's degrees in petroleum engineering. He also holds an MBA in Finance from Southern Methodist University (SMU) in Dallas, Texas.