Q3 Production and Operations Update

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: [phone] Beaumont Cornish Limited (Nominated Adviser) James Biddle/ Roland Cornish Tel: [phone] Novum Securities Limited (Broker) Jon Belliss Lionsgate Communications (Public Relations) Jonathan Charles Tel: Tel: [phone]  [phone]

 

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