Q4 Production and Operations Update

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: [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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