TIDMNTOG
RNS Number : 8260W
Nostra Terra Oil & Gas Company PLC
20 April 2023
20 April 2023
Nostra Terra Oil and Gas Company Plc
("Nostra Terra" or "the Company")
Q4 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 Q4 2022.
Highlights
-- Record annual production and revenue.
-- 30% annual production growth
-- 4(th) quarter production rates, highest of 2022
-- Fouke 1 and 2 well producing at high rates
Production
During the fourth quarter, net sales were 11,988 barrels (100%
oil), resulting in $946,464 of revenue, with the average realised
sales price for the period being $78.95 per barrel. Production
volumes in Q4 were the highest of the year, some 30% above 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
----------- ----------- ----------- -----------
October 2022 10,364 4,536 146 $375,134
----------- ----------- ----------- -----------
November 2022 9,800 3,701 123 $298,476
----------- ----------- ----------- -----------
December 2022 10,023 3,751 121 $272,854
----------- ----------- ----------- -----------
Q4-22 TOTAL 30,187 11,988 130 $946,464
----------- ----------- ----------- -----------
Sales figures are based on accruals and may vary slightly from
actuals.
Operations
Fourth quarter production grew 4% over the prior quarter.
However, several wells were temporarily shut-in during the period,
while planned production facility improvements were undertaken at
the Pine Mills field (where the Company holds a 100% working
interest).
Fouke Wells
In January 2021, the Fouke 1 well was placed on production at 82
bopd, limited by field rules (allowable). In May 2022, the Fouke 2
well was drilled and tested. On a 24-hour test, the Fouke 2
produced 145 bopd with a 0% watercut and was placed on production
at this rate. Fouke 2 was produced at this test rate for several
months. Concurrent with the Fouke 2 testing activities, the
production rate of the Fouke 1 was increased to 120 bopd and
monitored for several months. Nostra Terra owns 32.5% working
interest in the Fouke wells and farmout area.
The results of testing and monitoring these wells over six
months determined that they could be produced at these higher rates
efficiently. The operator subsequently petitioned the authority for
a permanent increase in the field allowable rate. After the
increased allowable request, the wells were produced at varying
rates to obtain additional technical information to support the
request for a permanent increase in the field allowable rate.
Field Allowable Hearing
On 30 March 2023, a hearing on the petition took place with the
Texas Railroad Commission (the oil and gas authority in Texas). The
Operator ( Cypress Production Inc) requested a permanent increase
of the allowable field rate to 135 bopd per well. During the
hearing, no offset operators objected to the request for a
permanent increase in the allowable rate. The Commission is
expected to publish its decision on the petition in June 2023.
Fouke wells Update
Both wells continue to produce at rates above the current field
allowable at 0% watercuts. The Fouke 1 well has produced over
14,541 barrels of oil (gross) and is currently producing
approximately 125 bopd (gross). The Fouke 2 well has produced over
7,403 barrels of oil (gross) and is currently producing
approximately 127 bopd (gross).
The Company is currently conducting geological and geophysical
work on the Pine Mills acreage, where it owns 100% working
interest, looking for opportunities in areas similar to the Fouke
farmout acreage.
Matt Lofgran , Nostra Terra's Chief Executive Officer, said:
"We are very pleased to have finished the year at our highest
production level, some 30% higher than the start of the year. The
Fouke wells have delivered multiples of our initial investment and
remain strong producers. The ongoing technical work in our 100%
Pine Mills acreage is very exciting. It's an area that hasn't been
technically reviewed for many years. With a combination of newly
interpreted seismic data and the Fouke well results, it can deliver
substantial volume potential that can be developed quickly and
profitably. I look forward to reporting on the results in
subsequent periods."
This announcement contains inside information for 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 Tel: +44 (0) 207 399 9425
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END
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