Business
Operations Update, Hedging & Mesquite Development
Operations Update, Hedging & Mesquite Development.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4489I Nostra Terra Oil & Gas Company PLC 26 November 2018 \n\n26 November 2018\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nOperations Update, Hedging & Mesquite Development\n \nNostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, is pleased to announce an operations update, a report on the Company's hedging position and progress with the Mesquite Prospect (\"Mesquite\" or the \"Prospect\") Field Development Plan.\n \nHighlights \n \n· Operations Update\no US oil production so far in H2 2018 of 109 barrels of oil per day (\"bopd\") net to Nostra Terra (194 bopd gross) versus 101 bopd net in H1 2018 (180 bopd gross).\no Pine Mills facilities upgrades completed to handle increased production\no Twin Well & G6 combined production continues to surpass management's expectations at 53 bopd gross\no Arbitration process continues in relation to East Ghazalat (Egypt) \n· Hedging\no 1,500 barrels a month hedged at US$62.75 per barrel to 31 December 2018\no 1,500 barrels a month hedged at US$60 per barrel to 31 December 2019\n· Mesquite Field Development Plan\no Initial results are encouraging\no Trey Resources, Inc (\"Trey\") to deliver volumetrics report by mid-December\no Work to continue on the Field Development Plan immediately following completion of the report \n \nOperations update\n \nSo far in H2 2018, Nostra Terra's oil production across its US assets has been 109 bopd net of all royalties (194 bopd gross). This is a 9% increase on average net oil production in H1 2018 of 101 bopd (180 bopd gross). The Company remains on course to meet or exceed its H1 2018 production performance during H2 2018. \n \nSince repositioning the business in summer 2016, Nostra Terra's focus has been to grow the Company through building a solid base of conventional oil production, which is profitable at US$30 per barrel. This approach has benefited the Company greatly, allowing it to withstand any short to medium term volatility in oil markets and maintain its operational progress. \n \n \nPine Mills (Texas)\nAt Pine Mills, Nostra Terra's 100% owned and operated oil field, the Company successfully complet...