Record Revenue and Production Rate at Pine Mills
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:
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Nostra Terra Oil and Gas Company plc Matt Lofgran, CEO
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+1 480 993 8933 |
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Strand Hanson Limited (Nominated & Financial Adviser and Joint Broker) |
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+44 (0) 20 7409 3494 |
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Rory Murphy / Ritchie Balmer / Jack Botros |
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Smaller Company Capital Limited (Joint Broker) |
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+44 (0) 20 3651 2910 |
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Rupert Williams / Jeremy Woodgate |
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This information is provided by RNS
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