Business
Significant Production Increase at Pine Mills
Significant Production Increase at Pine Mills.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7631U Nostra Terra Oil & Gas Company PLC 16 July 2018 \n\n16 July 2018\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nSignificant Production Increase 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 a significant production increase at Pine Mills. Pine Mills is Nostra Terra's wholly owned and operated producing oil field in Texas, USA. \n \nA workover was performed on an existing, inactive wellbore, which has increased average production from Pine Mills by 25 bopd in the last week. Workover costs were approximately $45,000, funded from free cashflow. This initial production rate was more than twice the rate originally expected by the Company, which is highly encouraging and emphasises the continued success the Company is having at Pine Mills.\n \nThis adds to existing production at Pine Mills, which for the month of April averaged 130 bopd (as per the Company's latest operational update, announced on 22 May), and is now approximately 155 bopd. \n \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\n \nMatt Lofgran, Chief Executive Officer of Nostra Terra, commented:\n \n\"We're excited to have achieved such a significant increase in production, at such a low cost, which was funded from existing free cash flow. Our operations team has done a great job in continually building value at Pine Mills. This adds nicely to our overall revenue generation at Pine Mills, at a time when oil prices are the highest they've been in three and a half years.\"\n \nFor further information, visit www.ntog.co.uk or contact:\n \n\n\n\nNostra Terra Oil and Gas Company plc\nMatt Lofgran, CEO\n \n\n\nTel:\n\n\n+1 480 993 8933\n\n\n\n\nStrand Hanson Limited\n(Nominated & Financial Adviser and Joint Broker)\nRory Murphy / Ritchie Balmer / Jack Botros\n \n\n\nTel:\n\n\n+44 (0) 20 7409 3494\n\n\n\n\nSmaller Company Capital Limited (Joint Broker)\nRupert Williams / Jeremy Woodgate\n\n\nTel:\n\n\n+44 (0) 20 3651 2910\n\n\n\n \n\nThis information is provided by RNS, the news service of the London Stock Excha...