REG - Nostra Terra O&G Co - Q3 Production and Operations Update

Nostra Terra Oil and GasAnnouncement

30/12/2022 07:00

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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       NTOG - Net (Monthly)  NTOG - Net  NTOG Net Revenue

                 (Monthly)                         (Daily)
 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          Tel:   +1 480 993 8933

 Matt Lofgran, CEO

 Beaumont Cornish Limited                      Tel:   +44 (0) 20 7628 3396

 (Nominated Adviser)

 James Biddle/ Roland Cornish

 Novum Securities Limited (Broker)             Tel:   +44 (0) 207 399 9425

 Jon Belliss

                                               Tel:    +44 (0) 7791 892509

 Lionsgate Communications (Public Relations)

 Jonathan Charles

 

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