Nostra Terra 3Q update today from Nostra Terra where revenues are rising thanks to the JV in Egypt and some continued sales from Wyoming. Worth mentioning if only as Matt Lofgran is addressing the poor industry conditions by changing to three focus areas each one focusing on cash flow. With two down all eyes will be on what he does next and it’s good to see some thinking outside of the box in these markets.
It's amusing how some people complain about me posting but then include my name in their own posts lol
I did WB was economical at this price, that's because I was repeating matt. Funnily enough it never took off though, just another false promise. Matts now said since nek, we'll be our own operator (every year for past 4 years).
Surprised you're not disappointed at no new Wells in USA - you knew this despite last rns stating we would be seeing action (and that was when op was low) - again why commit if you have no intention and why not let PI's know of the change?
Egypt - stable haha - ceo would say that eh? Funny how decline wise, the wells are most definitely not stable with faster declines than even matt anticipated (going by previous rns and most recent figures).
Egypt as a country - well if you think that's stable - I'd hate to see somewhere unstable.
Off to Cyprus for a week today though so you'll get a break from my posts,,,, thanks for continual mentions though.
The debt facility. The CEO has stated explicitly , on at least two occasions, that it's in no danger. That answers the question(in part) where the funding will come from. It has also already been communicated that the JV are going through the numbers and have the ability to claim back costs under warranties. Efficiencies are also being sought.
Secondly the US. Everyone knew that declines would be steep. Everyone knew that there were no new wells being drilled. So what the should the plan have been in the US? Maybe it was to wait until production dried up completely? Or as Ice has stated in the past, we should press ahead with WB(despite it being uneconomical)? I'd genuinely like to hear what we were supposed to be doing?
The first objective has to be survival. It's as basic as that. Until the P.O.O comes back. You'd think that there were tidder oil companies out there that were flourishing as we were languishing. I think UKOG and SER were held up as examples of returning value for shareholders by some on here.....
Lol I can read rns,, I just don't trust matt. It would appear that you can see no wrong though, good luck - I question what agenda you have defending matt and ntog despite 5 years of declining sp.
Where was rns to say Wells were being taken offline and worked on? What costs were sunk into workover?. What is revised figure now Wells are back online? Where was rns to advise Wells every other month were being cancelled?
Keep up attempts to defend matt and to ramp here,,, sp speaks for itself, neither you nor I will influence sp.
I always wonder though why certain peeps get defensive and then make personal remarks - agenda....?
I would suggest that its was pretty much well known that production in the US was falling as no significant new wells have been brought on, this statement in the Q3 is also a reason, should you wish to read the RNS:
In the USA during August and September two of the larger contributing wells were temporarily offline causing a decrease in production. Repairs have taken place and production has since been restored to previous levels.
The recent production update, like many previous RNSs, was bad news dressed up as good. Production was of course expected to rise significantly to reflect the purchase of the Egyptian asset. However, the production update showed there was a huge fall in US production and revenues and even production in Egypt was lower than expected. I am surprised the share price held up but maybe Matt's spin worked on some punters.
The Egyptian asset acquisition RNS on 6 October suggested net production to NTOG was 220 BOPD but the most recent figures for September show that production had fallen to 196 BOPD.
The big question for me is finance. NTOG obviously has plans to develop the Egyptian asset and some of the US assets will need expenditure during 2016 so where will the funds come from? I would be surprised if we don't see a discounted placing The existing debt facility also expires in January. It may not necessarily be rolled over as the lender may not wish to extend credit with such a low oil price so there is a chance Matt will have to raise funds to pay this back.
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