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Pin to quick picksNostra Terra Share News (NTOG)

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Nostra Production Increases As Firm Plans Key Drilling In US Basin

Mon, 08th Jul 2019 13:44

(Alliance News) - Nostra Terra Oil & Gas PLC expects production to increase during the remainder of 2019 and will move towards drilling a key well in a US oil field, the gas and exploration firm said Monday.

Net production was at 111 barrels of oil per day in the first five months of 2019, a 10% increase from 2018. In addition to planning for the drilling of its first horizontal well in the Permian Basin, Nostra has also identified several other drill sites in the Texas field.

Chief Executive Matt Lofgran said: "We're making good progress in all areas of our portfolio. Production from existing assets in the USA are even better than 2018, this being prior to drilling any new wells. We're preparing to drill new wells in the Permian Basin in an exciting area where we're surrounded by nearby production on all four sides."

The company also said it expects a ruling in relation to the North Petroleum International Co SA arbitration case by the end of July. Nostra Terra Oil previously accused North Petroleum of not abiding by a joint operating agreement for East Ghazalat concession in Egypt. The case is being heard at the London Court of International Arbitration.

Shares in Nostra were up 3.0% at 1.85 pence each in London on Monday afternoon.

More News
16 Jan 2024 17:35

IN BRIEF: Nostra Terra Oil & gas signs strategic deal with Cypress

Nostra Terra Oil & Gas Company PLC - London-based oil & gas company - Further to announcement on January 11, signs a strategic partnership with a subsidiary of Cypress. Explains the partnership will allow the two companies to use an extensive, modern, regional 3D seismic data set to jointly develop production growth opportunities across an expansive area of East Texas where the companies have already experienced "great" results. The initial target of the exercise will be the sub-Clarksville horizon found in the Fouke wells, but the technical focus will not be limited to this horizon alone.

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11 Jan 2024 10:36

IN BRIEF: Nostra Terra reports fundraise to expand Pine Mills work

Nostra Terra Oil & Gas Co PLC - exploration and production company with portfolio of development and production assets in Texas - Shares fall following GBP300,000 fundraise through subscription and placing of 250.0 million shares at 0.12 pence each. Will use funds to develop drilling opportunities around its Pine Mills asset in East Texas, as well as for general working capital. Company has been seeking opportunities similar to its successful Fouke wells at Pine Mills. Says it is nearing completion of a deal allowing additional, analagous developments over a large area within and contiguous to existing Pine Mills acreage. Experience gained from Pine Mills suggests agreement "has the potential to provide an inventory of drilling locations for many years to come."

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11 Jan 2024 10:22

AIM WINNERS & LOSERS: Windward sails higher; Nostra Terra raises funds

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

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28 Sep 2023 14:24

Nostra Terra Oil & Gas swings to profit after optimising production

(Alliance News) - Nostra Terra Oil & Gas Co PLC revenue declined in the first half but it swung to a profit in a period of "prudent progress".

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30 Aug 2023 10:53

Nostra Terra shares jump on "best possible result" for Fouke wells

(Alliance News) - Nostra Terra Oil & Gas Co PLC on Wednesday said it has received approval to increase the production limit at the Fouke wells in the US state of Texas to 126 barrels of oil per day per well.

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2 Jun 2023 13:24

Nostra Terra reaches record revenue, swings to gross profit

(Sharecast News) - Oil and gas explorer and producer Nostra Terra reported record-breaking levels of production and revenue in its final results on Friday, while effectively managing costs and ensuring no dilution to shareholders.

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2 Jun 2023 09:30

Nostra Terra annual loss narrows and revenue up on strong oil prices

(Alliance News) - Nostra Terra Oil & Gas Company PLC reported an annual revenue boost on Friday, as the company benefitted from strong oil prices.

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20 Apr 2023 17:23

TRADING UPDATES: Greatland hails gold find; Capital revenue climbs

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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30 Dec 2022 14:37

TRADING UPDATES: Lansdowne extends loan, Celadon plans clinical trial

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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16 Dec 2022 12:22

IN BRIEF: Nostra Terra increases senior lending facility by 30%

Nostra Terra Oil & Gas Co PLC - Texas, US-focused oil and gas exploration and production company - Increases the borrowing base of its senior lending facility by 30% to USD4.4 million from USD3.4 million in March. Says the facility is provided by bank Washington Federal Inc. Says the interest rate also increases to 6.5% from 4.4%. Expects future net income to be USD34.4 million, up 6% from March.

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6 Oct 2022 17:18

TRADING UPDATES: Nostra revenue rises; Synergia eyes Cambay farm-out

(Alliance News) - The following is a round-up of updates by London-listed companies, issued last week and not separately reported by Alliance News:

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6 Oct 2022 17:17

TRADING UPDATES: Nostra revenue rises; Synergia eyes Cambay farm-out

(Alliance News) - The following is a round-up of updates by London-listed companies, issued last week and not separately reported by Alliance News:

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6 Oct 2022 17:17

TRADING UPDATES: Nostra revenue rises; Synergia eyes Cambay farm-out

(Alliance News) - The following is a round-up of updates by London-listed companies, issued last week and not separately reported by Alliance News:

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1 Sep 2022 17:52

TRADING UPDATES: Strong interim results from Johnson Service, Eurocell

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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1 Aug 2022 17:47

IN BRIEF: Nostra Terra notes reach of payback by Fouke-2 well

Nostra Terra Oil & Gas Co PLC - London-based oil and gas company with operations focused in the US - Fouke-2 well, in which Nostra holds a 33% working interest, has reached payback - the recovery of all drilling costs from net cashflow - less than three months after output startup.

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