Source - LSE Regulatory
RNS Number : 4909C
Nostra Terra Oil & Gas Company PLC
23 February 2022
 

23 February 2022

 

Nostra Terra Oil and Gas Company Plc

("Nostra Terra" or "the Company")

 

Q4 Production and Operations Update

 

 

Nostra Terra (AIM: NTOG), the international oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA, is pleased to provide a production and operations update for the Company.

 

Highlights

 

·    37% increase in Company revenue ($767,000 Q4 vs $558,000 Q3)

·    23% increase in net daily production (118 bopd Q4 vs 96 bopd Q3)

·    10% increase in oil sales price per bbl ( $70.52 Q4 vs $63.57 Q3) 

·    Drilling of a new development well (Fouke 2), at Pine Mills (NTOG 32.5% Working Interest)

·    Initiation of field infrastructure work at Pine Mills to increase handling capacity and reliability

·    Planning underway for up to 3 new wells in the Permian Basin by year end 2022

 

 

Production

During the fourth quarter net sales were approximately 10,885 barrels (100% oil) resuting in approximately $767,000 of revenue. Average realized sales price for the period was approximately $70 per barrel.

 

 


Production (Sales) - Bbls

USD$


Gross  

(Monthly)

NTOG - Net (Monthly)

NTOG - Net

(Daily)

NTOG Net Revenue

July 2021

4,192

2,833

91

$186,000

August 2021

4,428

3,111

100

$189,000

September 2021

4,137

2,846

95

$183,000

October 2021

5,260

3,500

113

$259,000

November 2021

5,227

3,694

123

$264,000

December 2021

5,306

3,691

119

$244,000

 

 

 

Operations

A new development well at Pine Mills (Fouke 2) is nearing total depth. If successful, the Fouke 2 will be immediately put into production using existing infrastructure as the existing tank battery at the Fouke 1 is being expanded to increase its storage and throughput capacity.

 

Plans for drilling in the Permian Basin this year are on track with the Company organizing tenders for the necessary equipment during the period. The Company plans to update the market with additional details of the anticipated drilling program in due course.

 

The Company also continues to work towards diversifying its asset base and is continually reviewing accretive production, development and exploration opportunities both inside and outside the USA.

 

 

Matt Lofgran, Nostra Terra's Chief Executive Officer, said:

 

"Revenue and production increased significantly  in the fourth quarter and the Company has also made a great start on executing its plans for 2022 during the early part of Q1 2022.

 

In East Texas drilling is underway at Pine Mills concurrent with work to expand and improve the infrastructure.. While in West Texas planning is underway for our big push to increase production through a similar development drilling program there. Finally, the recent increase in commodity prices has confirmed our bullish price expectations and as a result we remain unhedged, selling production at market rates.  I am anticipating a very active and profitable 2022 for NTOG and look forward to reporting on our progress in subsequent periods. "

 

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

 

For further information, contact:

Nostra Terra Oil and Gas Company plc

Matt Lofgran, CEO

 

Tel:

+1 480 993 8933

Beaumont Cornish Limited

(Nominated Adviser)

James Biddle/ Roland Cornish

 

Tel:

+44 (0) 20 7628 3396

Novum Securities Limited (Broker)

Jon Belliss

 

Lionsgate Communications (Public Relations)

Jonathan Charles

Tel:

 

Tel:

 

+44 (0) 207 399 9425

 

 +44 (0) 7791 892509

 

 



 

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