TIDMNTOG
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 NTOG - Net NTOG Net
(Monthly) (Monthly) (Daily) 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 Tel: +44 (0) 207 399 9425
Relations)
Jonathan Charles Tel: +44 (0) 7791 892509
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END
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