Source - LSE Regulatory
RNS Number : 2510L
Nostra Terra Oil & Gas Company PLC
30 December 2022
 

30 December 2022

 

Nostra Terra Oil and Gas Company Plc

("Nostra Terra" or "the Company")

 

Q3 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 for Q3 2022.

 

Highlights

 

·    On track for record annual production and revenue

·    25% sales growth from start of the year

·    2nd consecutive quarter with revenue in excess of $1,000,000

 

Production

During the third quarter net sales were 11,568 barrels (100% oil) resulting in $1,042,704 of revenue with the average realised sales price for the period being $90.14 per barrel. Production volumes were higher in Q3 22 than Q2 22, which were in turn higher than in Q1 22.

 


Production (Sales) - Bbls

$USD


Gross 

(Monthly)

NTOG - Net (Monthly)

NTOG - Net

(Daily)

NTOG Net Revenue

January 2022

6,105

3,531

114

$265,254

February 2022

3,649

1,759

63

$149,867

March 2022

7,277

3,833

124

$446,381

Q1-22 TOTAL

17,031

9,123

101

$861,502

April 2022

6,726

3,510

117

$313,382

May 2022

9,960

4,116

133

$437,490

June 2022

9,108

3,634

121

$390,867

Q2-22 TOTAL

25,795

11,260

124

$1,141,739

July 2022

10,658

4,281

138

$421,986

August 2022

9,396

3,422

110

$310,005

September 2022

10,314

3,865

116

$310,713

Q3-22 TOTAL

30,368

11,568

126

$1,042,704

 

Sales figures are based on an accruals basis and may vary slightly from actuals.

 

Operations

 

Production for the Quarter increased slightly over the prior quarter. A number of wells were shut-in during the period, whilst planned production facility improvement was undertaken at the Pine Mills field (where the Company holds a 100% working interest).

 

Facility upgrades at Pine Mills have now been completed with treating and disposal capacity approximately doubled, while decreasing injection pressure by approximately 50%.  Previously shut-in wells will be returned to production during Q4 as treating capacity expansion is brought online.

 

The Fouke 1 production increased by approximately 24% following upgrades to the pumping unit.  Both the Fouke 1 and Fouke 2 wells are now on electric power, decreasing operation costs, thus improving margins. 

 

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

 

"Company-wide production remains robust, with quarterly sales surpassing $1 million for the second consecutive quarter. Despite having several wells down for the period, during the planned facility improvements at Pine Mills, we still managed a slight increase in production.

 

The Company continues to grow its production and revenue using only internal resources, while reducing its leverage. This provides the Company with increased flexibility on how to grow going forward.

 

We're on track for a record year and I look forward to reporting on these results 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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