Last checked at 30 Dec 2022 07:00
30 December 2022
Nostra Terra Oil and Gas Company Plc
("Nostra Terra" or "the Company")
Q3 Production and Operations Update
Nostra Terra (AIM: NTOG), the international oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA, is pleased to provide a production and operations update for the Company for Q3 2022.
Highlights
· On track for record annual production and revenue
· 25% sales growth from start of the year
· 2nd consecutive quarter with revenue in excess of $1,000,000
Production
During the third quarter net sales were 11,568 barrels (100% oil) resulting in $1,042,704 of revenue with the average realised sales price for the period being $90.14 per barrel. Production volumes were higher in Q3 22 than Q2 22, which were in turn higher than in Q1 22.
Production (Sales) - Bbls | $USD | |||
Gross (Monthly) | NTOG - Net (Monthly) | NTOG - Net (Daily) | NTOG Net Revenue | |
January 2022 | 6,105 | 3,531 | 114 | $265,254 |
February 2022 | 3,649 | 1,759 | 63 | $149,867 |
March 2022 | 7,277 | 3,833 | 124 | $446,381 |
Q1-22 TOTAL | 17,031 | 9,123 | 101 | $861,502 |
April 2022 | 6,726 | 3,510 | 117 | $313,382 |
May 2022 | 9,960 | 4,116 | 133 | $437,490 |
June 2022 | 9,108 | 3,634 | 121 | $390,867 |
Q2-22 TOTAL | 25,795 | 11,260 | 124 | $1,141,739 |
July 2022 | 10,658 | 4,281 | 138 | $421,986 |
August 2022 | 9,396 | 3,422 | 110 | $310,005 |
September 2022 | 10,314 | 3,865 | 116 | $310,713 |
Q3-22 TOTAL | 30,368 | 11,568 | 126 | $1,042,704 |
Sales figures are based on an accruals basis and may vary slightly from actuals.
Operations
Production for the Quarter increased slightly over the prior quarter. A number of wells were shut-in during the period, whilst planned production facility improvement was undertaken at the Pine Mills field (where the Company holds a 100% working interest).
Facility upgrades at Pine Mills have now been completed with treating and disposal capacity approximately doubled, while decreasing injection pressure by approximately 50%. Previously shut-in wells will be returned to production during Q4 as treating capacity expansion is brought online.
The Fouke 1 production increased by approximately 24% following upgrades to the pumping unit. Both the Fouke 1 and Fouke 2 wells are now on electric power, decreasing operation costs, thus improving margins.
Matt Lofgran, Nostra Terra's Chief Executive Officer, said:
"Company-wide production remains robust, with quarterly sales surpassing $1 million for the second consecutive quarter. Despite having several wells down for the period, during the planned facility improvements at Pine Mills, we still managed a slight increase in production.
The Company continues to grow its production and revenue using only internal resources, while reducing its leverage. This provides the Company with increased flexibility on how to grow going forward.
We're on track for a record year and I look forward to reporting on these results in subsequent periods."
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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