Nostra Terra Continues To Reach Milestones At Texas Oil Fields

7th Mar 2018 14:02

LONDON (Alliance News) - Nostra Terra Oil and Gas Co PLC said Wednesday it had set both revenue and production record for its Pine Mills project in Texas.

Nostra Terra's estimated net revenue for February of USD161,000 is a new monthly record, it said, and the current daily production at the oil field of 129 barrels a day is its highest daily production yet.

February average gross production from Pine Mills was 114 barrels a day, compared to 109 in January.

The aim is to keep performing workovers to increase production over the coming months, with a stabilised average production target between 130 and 150 barrels of oil a day.

At the end of February, Nostra Terra said it achieved breakeven during February due to operational improvements made at Pine Mills, increasing production from the Twin Well in Texas, as well as better oil prices.

Chief Executive Matt Lofgran said: "We're excited to see Pine Mills have a record month with revenue, and also reach a new record on daily production. This was achieved by reinvesting net income from the field into workovers."

"The lifting costs remain relatively constant, while production and revenue increase, resulting in an increase in net income from the field, which contributes further to remaining cashflow positive at the PLC level."

Shares were up 3.8% on Wednesday at a price of 4.15 pence each.

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