Business
Operations Update
Operations Update.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5704R\n Nostra Terra Oil & Gas Company PLC\n 08 November 2021\n \n \n \n \n 8 November 2021\n \n \n \n \n \n \n Nostra Terra Oil and Gas Company Plc\n \n \n \n \n (\"Nostra Terra\" or \"the Company\")\n \n \n \n \n \n \n \n \n Operations Update\n \n \n \n \n \n \n \n \n Nostra Terra (AIM: NTOG), the oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA,\n \n is pleased to provide an operations udate regarding increased production and further drilling plans.\n The production update provided is on the basis that the Company, given its increasing production profile, will now move to reporting production on a quarterly basis.\n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n 19% increase in production in the third quarter (100 net bopd compared to the average 84 net bopd in H1 2021)\n \n \n · \n 53 % increase in production over the last two weeks (128 net bopd compared to the average 84 net bopd in H1 2021)\n \n \n · \n New development well planned at Pine Mills (NTOG 32.5% Working Interest)\n \n \n · \n Additional field infrastructure work planned at Pine Mills\n \n \n · \n Planning underway for new wells in Permian Basin\n \n \n · \n Change from Half-yearly to quarterly production reporting going forward\n \n \n \n \n \n \n \n \n Operations\n \n \n During the third quarter, well uptime improved, increasing average daily production by 19% from the first half of this year (to 100 net bopd). Since then continued work has brought more wells online and over the past two weeks average production is up by 53% from the first half of this year (to 128 net bopd). Whilst the Company is very encouraged by this continued improvement in production, rates may fluctuate throughout the period and this figure should not be taken as a guide as to the expected average daily production over the fourth quarter. Further work on existing wells and improvements to infrastructure are ongoing as the Company aims to further optimize production with minimal additional expenditure. Quarterly production will be reported following the period end, as advised above.\n \n \n \n \n \n Pine Mills \n \n \n The Company executed a farmout agreement with Cypress for an undrilled 80-acre portion of Pine Mills in 2020...