Nostra Terra Oil & Gas Company PLC Nostra Terra Achieves Positive Cashflow for Feb 18 (9884F)
27 February 2018 - 6:03PM
UK Regulatory
TIDMNTOG
RNS Number : 9884F
Nostra Terra Oil & Gas Company PLC
27 February 2018
27 February 2018
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Nostra Terra Achieves Positive Cashflow for February
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 a significant milestone in its development.
During the month of February 2018, the Company was cashflow
positive at the Plc level.
Following operational improvements made at Pine Mills over the
past year, increased production from the Twin Well and the
improving oil price environment, Nostra Terra surpassed breakeven
during February 2018 resulting in its maiden month of being
cashflow positive at the corporate level (cashflow positive being
revenue less field operating costs less overhead and interest
expense).
Nostra Terra expects to remain cashflow positive in the coming
months although much depends on the oil price. The Company's aim is
to achieve annual profitability, though there is no guarantee of
this outcome at this stage.
In addition, in January 2018, the Company announced the
availability of an initial borrowing base of $1,200,000, which is
available for immediate use, from its $5,000,000 Senior Lending
Facility with a 4.75% interest rate, which, together with cash
raised from recent warrant exercises, means that Nostra Terra is
well funded to cover its future drilling campaign from existing
resources/banking arrangements. The Company will continue with its
strategy of developing its portfolio, to increase oil production
and free cash flow generation, while actively seeking to acquire
assets to add value to the business.
Matt Lofgran, Chief Executive Officer of Nostra Terra,
commented:
"February has been an intensely rewarding month for Nostra
Terra. Not only has the Twin Well surpassed our expectations, but
we've also hit the major milestone of achieving our first month of
being cashflow positive as a company as a whole.
Since we started our turnaround strategy in 2016 this has always
been our goal. To have reached this target so early in 2018 is
extremely encouraging and I would like to thank our operations team
for all their efforts in the field. We now have a very strong
foundation upon which to build the company, as we introduce new
assets and grow oil production."
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 Tel: +1 480 993 8933
Strand Hanson Limited
(Nominated & Financial
Adviser and Joint Broker)
Rory Murphy / Ritchie Balmer
/ Jack Botros Tel: +44 (0) 20 7409 3494
Smaller Company Capital
Limited (Joint Broker)
Rupert Williams / Jeremy
Woodgate Tel: +44 (0) 20 3651 2910
This information is provided by RNS
The company news service from the London Stock Exchange
END
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