Nostra Terra Oil & Gas Company PLC Operations Update and Investor Presentation (7962O)
May 22 2018 - 6:43AM
UK Regulatory
TIDMNTOG
RNS Number : 7962O
Nostra Terra Oil & Gas Company PLC
22 May 2018
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
Tuesday 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:
Nostra Terra Oil and Gas Company
plc
Matt Lofgran, CEO +1 480 993 8933
Strand Hanson Limited
(Nominated & Financial Adviser and
Joint Broker) +44 (0) 20 7409 3494
Rory Murphy / Ritchie Balmer / Jack
Botros
Smaller Company Capital Limited (Joint
Broker) +44 (0) 20 3651 2910
Rupert Williams / Jeremy Woodgate
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END
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