Replacement: Operations Update & Presentation
An amendment has been made to the 'Operations Update and Investor Presentation' announcement released today at 7.00 a.m. under RNS No. 7962O.
The date of the online investor presentation included in the original announcement incorrectly referred to "Tuesday 23 May 2018". This has been corrected to Wednesday 23 May 2018.
All other details remain the same. The full amended text is shown below.
22 May 2018
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Operations Update and Investor Presentation
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 an operations update and Online Investor Presentation.
Highlights:
· Total net revenue generated across Nostra Terra's US assets from January to April 2018 has been $756, 884.
o Net revenue during April alone was US$235,347, a new monthly record for the Company
· Total gross production across Nostra Terra's assets during April 2018 was 5,743 barrels of oil (191 bopd gross, 125 bopd net to Nostra Terra)
o Total production at Pine Mills during April 2018 was 3,890 barrels of oil (130 bopd gross, 101 bopd net to Nostra Terra)
o Total production across Nostra Terra's Permian Basin assets was 1,853 barrels of oil (62 bopd gross, 24 bopd net to Nostra Terra)
Operations Update
Production at the Pine Mills oil field, in which Nostra Terra owns a 100% Working Interest as operator, has continued to improve. In February, Nostra Terra announced that it became cash flow positive at the Plc level. Net cash flow generation at Pine Mills made a significant contribution to this milestone.
Average gross production in January at Pine Mills was 109 bopd (gross), increasing in February to 114 bopd (gross). Late February workovers contributed an increase to production, despite weather-related preventive shut-ins for several days due to heavy rain.
The net result of Nostra Terra's workovers means that the Company is operating Pine Mills at the highest daily production rates experienced yet under the ownership of Nostra Terra, delivering month on month record revenues. Daily production at Pine Mills during March averaged 129 bopd and this increased slightly to 130 bopd in April. 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 150 bopd. This should further add to free cash flow generated by the Pine Mills asset.
Meanwhile at its Permian Basin assets the Twin Well, in Mitchell County, continues to perform at the upper end of expectations. A second well has been successfully drilled and logged where we anticipate completing and putting it into production shortly. Total daily oil production at Nostra Terra's Permian assets was 62 bopd during April. A third well was unsuccessful but has provided valuable sub surface information for future development in the area.
Investor Conference Call
The online investor presentation will be held at 7pm BST on Wednesday 23 May 2018. Matt Lofgran, CEO of Nostra Terra, will provide a strategic update about the Company followed by a moderated question and answer session immediately after. To access the Online Investor Presentation and submit questions please go to:
https://vtm.clickmeeting.com/ntog
To access the Investor Conference Call via telephone please call:
+44 207 048 4146 (use pin: 315168#)
Please note questions can only be submitted via accessing the meeting online. The Online Investor Presentation will be hosted by ValueTheMarkets.com.
Please also note no new material information will be discussed during the online investor presentation.
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 see Pine Mills hit a new monthly record for revenue, and also reach a new record for daily oil 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.
In addition to this the Twin Well continues to perform ahead of our expectations and we look forward to testing the G6 Well drilled earlier this month in the Permian Basin. Overall oil production across Nostra Terra's US portfolio of assets remains robust and we look to grow it further."
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, 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.
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