Business
Record Revenue and Production Rate at Pine Mills
Record Revenue and Production Rate at Pine Mills.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9004G Nostra Terra Oil & Gas Company PLC 07 March 2018 \n\n7 March 2018\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nRecord Revenue and Production Rate at Pine Mills \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 two new records at the Pine Mills oil field. During February Nostra Terra generated record revenue at Pine Mills, and so far in March has set and held a new daily production record. \n \nHighlights:\n \n· Estimated net revenue during February was US$161,000, a new monthly record \n· Average daily oil sold in February for Pine Mills was 126 bopd\no This represents a 30% increase on average production in H1 2017\n· Pine Mills has been a significant contributor to Nostra Terra becoming cash flow positive at the Plc level\n \nPine Mills \n \nNostra Terra owns a 100% Working Interest in Pine Mills. In February, Nostra Terra announced that it became cash flow positive on a plc basis for that month. Net cash flow generation at Pine Mills made a significant contribution to this milestone.\n \nAverage gross production in January was 109 bopd, increasing in February to 114 bopd. Late February workovers have increased production, despite weather-related preventive shut-ins for several days during late February due to heavy rain. \n \nThe net result is Nostra Terra delivering the highest daily production rate and highest monthly revenues yet. Current average daily production at Pine Mills for March has averaged 129 bopd. Nostra Terra will continue to perform workovers on identified targets and aims to increase production further over the coming months. \n \nNostra Terra's stabilised average production target at Pine Mills remains between 130 and 150bopd. This should further add to free cash flow generated by the Pine Mills asset.\n \n \nMatt Lofgran, Chief Executive Officer of Nostra Terra, commented:\n \n\"We're excited to see Pine Mills have a record month with revenue, and also reach a new record on daily production. This was achieved by reinvesting net income from the field into workovers. The lifting costs remain relatively constant, while ...