LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC said Monday it has increased its oil production from its US assets in the second half.
The oil and gas company said that so far, in the second half of its year, oil production across its US assets has been 109 barrels of oil per day, net of royalties, up from an average net oil production in the first half of 101 barrels of oil a day.
The Nostra Terra said it remains on track to "meet or exceed" its first half production performance in the second half.
"The Permian Basin is the most active oil province in the world. Our strategy over recent years has been to establish a footprint here, with stable oil production. We have achieved this and have built a portfolio of low risk, conventional vertical drilling targets," said Chief Executive Officer Matt Lofgran.
The company also said it has hedged 1,500 barrels a month at USD62.75 per barrel to the end of 2018 and 1,500 barrels a month at USD60 per barrel to the end of 2019.
"As I've said repeatedly in recent months, Nostra Terra is now well positioned for its next big step forward. The company is well-hedged against the recent drop in oil prices and its fundamental financial position remains strong. Operationally we continue to make progress, but we are most excited by the progress made at Mesquite. We look forward to providing a more detailed update on this in the coming weeks."
Shares in Nostra Terra Oil & Gas closed up 1.9% at 2.44 pence each.
Nostra Terra (NTOG)