Nostra Terra Oil & Gas Company PLC Record Revenue and Production Rate at Pine Mills (9004G)
07 March 2018 - 6:00PM
UK Regulatory
TIDMNTOG
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
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