Nostra Terra Oil and Gas Updates on Fundraising and Expansion Plans
Nostra Terra Oil and Gas Company PLC (AIM: NTOG, OTC: NTOGF) CEO Paul Welch recently spoke with Mark Fairbairn of StockBox Media to discuss the company’s latest progress, including the successful completion of a £500,000 fundraising round.
The funds will be allocated to the phase two workover program at Pine Mills, which aims to resolve well integrity issues and enhance oil production efficiency. Welch emphasised that the company remains profitable at current oil prices and is committed to fully optimising Pine Mills before pursuing new growth opportunities.
Nostra Terra Expands Production Efforts and Eyes Future Growth
CEO Paul Welch also provided an update on the ongoing technical evaluation of the Fouke Three location in collaboration with the company’s partner, with further developments expected soon.
He highlighted the success of the water flood program, which was restarted in September and has already surpassed expectations, leading to a notable increase in oil production. To support this higher output, a portion of the recently raised funds will be used to upgrade two pumping units.
Looking ahead, Welch reiterated Nostra Terra’s commitment to maintaining a strong and profitable foundation while actively exploring new growth opportunities. He emphasized the company’s additional behind-pipe potential and untapped reserves within Pine Mills, positioning it for sustained long-term success.
