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Pin to quick picksNostra Terra Regulatory News (NTOG)

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Record Revenue and Production Rate at Pine Mills

7 Mar 2018 07:00

RNS Number : 9004G
Nostra Terra Oil & Gas Company PLC
07 March 2018
 

7 March 2018

 

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

 

Record Revenue and Production Rate at Pine Mills

 

Nostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, is pleased to announce two new records at the Pine Mills oil field. During February Nostra Terra generated record revenue at Pine Mills, and so far in March has set and held a new daily production record.

 

Highlights:

 

· Estimated net revenue during February was US$161,000, a new monthly record

· Average daily oil sold in February for Pine Mills was 126 bopd

o This represents a 30% increase on average production in H1 2017

· Pine Mills has been a significant contributor to Nostra Terra becoming cash flow positive at the Plc level

 

Pine Mills

 

Nostra Terra owns a 100% Working Interest in Pine Mills. In February, Nostra Terra announced that it became cash flow positive on a plc basis for that month. Net cash flow generation at Pine Mills made a significant contribution to this milestone.

 

Average gross production in January was 109 bopd, increasing in February to 114 bopd. Late February workovers have increased production, despite weather-related preventive shut-ins for several days during late February due to heavy rain.

 

The net result is Nostra Terra delivering the highest daily production rate and highest monthly revenues yet. Current average daily production at Pine Mills for March has averaged 129 bopd. Nostra Terra will continue to perform workovers on identified targets and aims to increase production further over the coming months.

 

Nostra Terra's stabilised average production target at Pine Mills remains between 130 and 150bopd. This should further add to free cash flow generated by the Pine Mills asset.

 

 

Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:

 

"We're excited to see Pine Mills have a record month with revenue, and also reach a new record on daily production. This was achieved by reinvesting net income from the field into workovers. The lifting costs remain relatively constant, while production and revenue increase, resulting in an increase in net income from the field, which contributes further to remaining cashflow positive at the Plc level."

 

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

For further information, visit www.ntog.co.uk or contact:

 

Nostra Terra Oil and Gas Company plc

Matt Lofgran, CEO

 

+1 480 993 8933

Strand Hanson Limited

(Nominated & Financial Adviser and Joint Broker)

+44 (0) 20 7409 3494

Rory Murphy / Ritchie Balmer / Jack Botros

Smaller Company Capital Limited (Joint Broker)

+44 (0) 20 3651 2910

Rupert Williams / Jeremy Woodgate

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLGMGGFRVMGRZM
Date   Source Headline
22nd Feb 20247:00 amRNSHolding(s) in Company
6th Feb 20249:23 amRNSHolding(s) in Company
30th Jan 20249:37 amRNSHolding(s) in Company
30th Jan 20249:34 amRNSHolding(s) in Company
29th Jan 20248:12 amRNSHolding(s) in Company
16th Jan 20247:00 amRNSNTOG enters a Strategic Partnership
11th Jan 20247:00 amRNSGrowth Plans and Fundraise, Issue of Equity & TVR
28th Sep 20237:00 amRNSHalf-year Report
30th Aug 20239:50 amRNSFavourable Ruling regarding Fouke Wells
30th Jun 20232:45 pmRNSResult of AGM
2nd Jun 20237:00 amRNSFinal Results
20th Apr 20237:00 amRNSQ4 Production and Operations Update
27th Mar 20235:00 pmRNSChange of Auditor
30th Dec 20227:00 amRNSQ3 Production and Operations Update
16th Dec 20227:00 amRNSSubstantial increase in Senior Facility
30th Sep 20227:00 amRNSInterim Results for the period ended 30 June 2022
1st Sep 20227:00 amRNSQ2 Production and Operations Update
1st Aug 20227:00 amRNSFouke #2 Payback in Under 3 Months
19th Jul 202211:05 amRNSSecond Price Monitoring Extn
19th Jul 202211:00 amRNSPrice Monitoring Extension
18th Jul 20227:00 amRNSHolding(s) in Company
30th Jun 202211:22 amRNSResult of AGM
8th Jun 20227:00 amRNSFinal Results
7th Jun 20221:07 pmRNSGrant East #1 Completion Results
1st Jun 20224:40 pmRNSSecond Price Monitoring Extn
1st Jun 20224:35 pmRNSPrice Monitoring Extension
1st Jun 20222:05 pmRNSSecond Price Monitoring Extn
1st Jun 20222:00 pmRNSPrice Monitoring Extension
1st Jun 20227:00 amRNSExercise of Warrants and TVR
26th May 20227:00 amRNSQ1 Production and Operations Update
16th May 20227:00 amRNSFouke 2 Production Rates Exceed Expectations
9th May 20227:00 amRNSGrant East #1 Well successfully drilled
3rd May 20227:00 amRNSPermian Basin – Grant East #1 Well Spud
14th Apr 20227:00 amRNSDrilling Start Up – Grant East Lease
8th Apr 20227:00 amRNSExtension to Exercise Period for Placing Warrants
1st Apr 20226:24 pmRNSExercise of Warrants and TVR
28th Mar 20227:00 amRNSSenior Facility Expansion and asset value increase
28th Feb 20227:00 amRNSPine Mills – Fouke 2 Well successful
23rd Feb 20227:00 amRNSQ4 Production and Operations Update
17th Feb 20227:00 amRNSPine Mills – New Well Spud – Fouke #2
4th Feb 20227:00 amRNSAppointment of Director
10th Jan 20227:00 amRNSPine Mills – Operations for New Well
5th Jan 20227:00 amRNS2022 Growth Plans
8th Nov 20217:00 amRNSOperations Update
2nd Nov 20213:01 pmRNSExercise of Warrants and TVR
20th Oct 20217:00 amRNSFurther Reserves Update
30th Sep 20217:00 amRNSInterim Results
29th Sep 20218:40 amRNS$10m Senior Facility and Reserves Upgrade
5th Jul 20211:41 pmRNSResult of AGM
14th Jun 20217:00 amRNSFinal Results and Notice of AGM

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