Last checked at 23 Feb 2022 07:00
23 February 2022
Nostra Terra Oil and Gas Company Plc
("Nostra Terra" or "the Company")
Q4 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.
Highlights
· 37% increase in Company revenue ($767,000 Q4 vs $558,000 Q3)
· 23% increase in net daily production (118 bopd Q4 vs 96 bopd Q3)
· 10% increase in oil sales price per bbl ( $70.52 Q4 vs $63.57 Q3)
· Drilling of a new development well (Fouke 2), at Pine Mills (NTOG 32.5% Working Interest)
· Initiation of field infrastructure work at Pine Mills to increase handling capacity and reliability
· Planning underway for up to 3 new wells in the Permian Basin by year end 2022
Production
During the fourth quarter net sales were approximately 10,885 barrels (100% oil) resuting in approximately $767,000 of revenue. Average realized sales price for the period was approximately $70 per barrel.
Production (Sales) - Bbls | USD$ | |||
Gross (Monthly) | NTOG - Net (Monthly) | NTOG - Net (Daily) | NTOG Net Revenue | |
July 2021 | 4,192 | 2,833 | 91 | $186,000 |
August 2021 | 4,428 | 3,111 | 100 | $189,000 |
September 2021 | 4,137 | 2,846 | 95 | $183,000 |
October 2021 | 5,260 | 3,500 | 113 | $259,000 |
November 2021 | 5,227 | 3,694 | 123 | $264,000 |
December 2021 | 5,306 | 3,691 | 119 | $244,000 |
Operations
A new development well at Pine Mills (Fouke 2) is nearing total depth. If successful, the Fouke 2 will be immediately put into production using existing infrastructure as the existing tank battery at the Fouke 1 is being expanded to increase its storage and throughput capacity.
Plans for drilling in the Permian Basin this year are on track with the Company organizing tenders for the necessary equipment during the period. The Company plans to update the market with additional details of the anticipated drilling program in due course.
The Company also continues to work towards diversifying its asset base and is continually reviewing accretive production, development and exploration opportunities both inside and outside the USA.
Matt Lofgran, Nostra Terra's Chief Executive Officer, said:
"Revenue and production increased significantly in the fourth quarter and the Company has also made a great start on executing its plans for 2022 during the early part of Q1 2022.
In East Texas drilling is underway at Pine Mills concurrent with work to expand and improve the infrastructure.. While in West Texas planning is underway for our big push to increase production through a similar development drilling program there. Finally, the recent increase in commodity prices has confirmed our bullish price expectations and as a result we remain unhedged, selling production at market rates. I am anticipating a very active and profitable 2022 for NTOG and look forward to reporting on our progress 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.
For further information, contact:
| |||||||||