Alliance Newa11 Feb 2021 12:00
Nostra Terra Oil & Gas Co PLC - Texas-focused oil and gas explorer - Says production in second half of 2020 averaged 95 barrels of oil per day net to the company, up 42% on the first half of the year. Revenue from oil sales during the second half was USD591,493, also a 42% increase over the first half. An additional USD192,508 was also received from hedging activity and equipment sales. In December net production was 103 net barrels per day, when the company became cashflow positive. "This is a significant milestone for the company. Since then a new well was brought into production at Pine Mills surpassing management's expectations. The well continues to produce in excess of 100 bopd, still limited by pump capacity and surface equipment with no water cut, showing no decline in flow rate or pressure since announced last month," says Nostra Terra.