Nostra Terra O&G Co (LON:NTOG) Significant Production Increase at Pine Mills

 

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 a significant production increase at Pine Mills. Pine Mills is Nostra Terra’s wholly owned and operated producing oil field in Texas, USA.

A workover was performed on an existing, inactive wellbore, which has increased average production from Pine Mills by 25 bopd in the last week. Workover costs were approximately $45,000, funded from free cashflow. This initial production rate was more than twice the rate originally expected by the Company, which is highly encouraging and emphasises the continued success the Company is having at Pine Mills.

 

This adds to existing production at Pine Mills, which for the month of April averaged 130 bopd (as per the Company’s latest operational update, announced on 22 May), and is now approximately 155 bopd.

 

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 have achieved such a significant increase in production, at such a low cost, which was funded from existing free cash flow. Our operations team has done a great job in continually building value at Pine Mills. This adds nicely to our overall revenue generation at Pine Mills, at a time when oil prices are the highest they’ve been in three and a half years.”

 

For further information, visit www.ntog.co.uk 

 



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