Nostra Terra Oil & Gas Company PLC Significant Production Increase at Pine Mills (7631U)
16 July 2018 - 9:00PM
UK Regulatory
TIDMNTOG
RNS Number : 7631U
Nostra Terra Oil & Gas Company PLC
16 July 2018
16 July 2018
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Significant Production Increase 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 a significant production increase at Pine
Mills. Pine Mills is Nostra Terra's wholly owned and operated
producing oil field in Texas, USA.
A workover was performed on an existing, inactive wellbore,
which has increased average production from Pine Mills by 25 bopd
in the last week. Workover costs were approximately $45,000, funded
from free cashflow. This initial production rate was more than
twice the rate originally expected by the Company, which is highly
encouraging and emphasises the continued success the Company is
having at Pine Mills.
This adds to existing production at Pine Mills, which for the
month of April averaged 130 bopd (as per the Company's latest
operational update, announced on 22 May), and is now approximately
155 bopd.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Matt Lofgran, Chief Executive Officer of Nostra Terra,
commented:
"We're excited to have achieved such a significant increase in
production, at such a low cost, which was funded from existing free
cash flow. Our operations team has done a great job in continually
building value at Pine Mills. This adds nicely to our overall
revenue generation at Pine Mills, at a time when oil prices are the
highest they've been in three and a half years."
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRLLFSIDTIRLIT
(END) Dow Jones Newswires
July 16, 2018 07:00 ET (11:00 GMT)
Nostra Terra Oil And Gas (LSE:NTOG)
Historical Stock Chart
From Apr 2024 to May 2024
Nostra Terra Oil And Gas (LSE:NTOG)
Historical Stock Chart
From May 2023 to May 2024