Business
Pine Mills Update & Investor Conference Call
Pine Mills Update & Investor Conference Call.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6316G Nostra Terra Oil & Gas Company PLC 31 May 2017 \n\n31 May 2017\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nPine Mills Operations Update & Investor Conference Call\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 for the Pine Mills oil field for the first six months since the Company took over as operator.\n \nAt 11am BST today (Wednesday 31 May 2017) Nostra Terra will host an Investor Conference Call with a strategic update about the Company followed by a question and answer session immediately after. Details of how to join the call are provided below. \n \n \nHighlights:\n \n· US$586,355 net revenue and US$321,556 net operational profit (after royalties and severance tax) generated at Pine Mills (100%), for the period from 01 November 2016 to 30 April 2017.\no Nostra Terra currently owns an 87.5% interest in Pine Mills but as a result of a recent Court Order will be able to credit bid for the remaining 12.5% interest in Pine Mills, which would mean it has full claim to 100% of net revenue and net operational profit at Pine Mills going forward (please refer to the Company's 24 May 2017 announcement for further information) \n· Average oil production was 91bopd over period, delivering an average of over $53,000 net operating income per month \no Production so far in the full month of May has averaged 118bopd, a 30% increase over the average for the period\no Nostra Terra remains on course to achieve its stabilised average daily production target of 130 - 150bopd at Pine Mills during 2017\n· Average Lifting Costs (Lease Operating Expenses) at Pine Mills for the period: US$16.31/bbl \no Further operational improvements planned\n· Independent Reserves Report (as at 1 March 2017), details of which were released on 05 April 2017, confirmed: \no Net proven reserves at Pine Mills, attributable to Nostra Terra's 87.5% WI, were 481,350 barrels of oil*.\no Nostra Terra's 87.5% WI in Pine Mills was assigned an NPV10 valuation of US$3.53million*.\n· Nostra Terra has made tangible progress towards becoming cash flow posit...