24th Feb 2025 14:01
(Alliance News) - Nostra Terra Oil & Gas Co PLC on Monday said its total oil production has increased to 130 barrels of oil per day net, driven by gains at its Pine Mills asset in Texas.
The Texas-focused exploration and production company said production at Pine Mills has reached 106 bopd, nearly doubling since workovers began. Three of the five planned phase 2 well workovers have been completed, with the remaining two expected to boost output further once pumping unit upgrades are finalised.
Nostra Terra said production at the Fouke area remains steady at 100 bopd gross, with no decline since May 2024. Nostra Terra, which holds a around 33% working interest in the site, is in discussions with its partner about drilling a potential third well, with a decision expected in the second quarter of 2025.
Chief Executive Officer Paul Welch said: "We are very excited to be producing a total of 130 bopd net that includes production of over 100 bopd from Pine Mills for the first time in many years, almost double the rate the field produced before the start of the workover programs. This gives us confidence in our decision to focus investment in our Pine Mills asset where we have a 100% working interest."
The company said it remains cash flow positive at both corporate and operational levels.
Shares in Nostra Terra were up 6.1% at 0.033 pence in London on Monday afternoon.
By Eva Castanedo, Alliance News reporter
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