Business
Update on Hedges & Senior Lending Facility
Update on Hedges & Senior Lending Facility.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 3214I\n Nostra Terra Oil & Gas Company PLC\n 01 April 2020\n \n \n \n \n 1 April 2020\n \n \n \n \n \n Nostra Terra Oil and Gas Company plc\n \n \n (\"Nostra Terra\" or the \"Company\")\n \n \n \n \n \n Update on Hedges & Senior Lending Facility\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, is pleased to announce the following update with regard to its hedging contracts and its Senior Lending Facility with Washington Federal Bank (\"WAFD\").\n \n \n \n \n \n Highlights:\n \n \n \n \n \n · \n Hedging contracts in place for 2020 to protect just over half of revenue at US$55.15 to US$57.18 per barrel (WTI) \n \n \n · \n Redetermination of Senior Lending Facility completed on 30 January 2020\n \n \n o \n Maturity extended for a further two years\n \n \n o \n Company in compliance with all covenants\n \n \n \n \n \n Hedging\n \n \n \n \n \n On 26 September 2017, Nostra Terra announced that it had secured, via its wholly owned subsidiary, New Horizons Energy 1 LLC, a hedging facility with BP Energy Company. The Company uses hedging contracts in conjunction with its Senior Lending Facility for price protection for future production\n \n and provide greater access to capital. \n \n \n \n \n \n In November and December 2019, as part of its regular practice, management hedged a range of 1,500 to 1,800 barrels per month (just over half the net production of the Company) at prices ranging from $55.15 to $57.18 per barrel. \n \n \n \n \n \n Summary of 2020 hedging contracts:\n \n \n \n \n \n \n \n \n Pricing Date\n \n \n \n \n Quantity (barrels)\n \n \n \n \n Price (per barrel)\n \n \n \n \n \n \n 01/01/2020 - 31/01/2020\n \n \n \n \n 1,800 BBL / Monthly\n \n \n \n \n $57.18\n \n \n \n \n \n \n 01/02/2020 - 29/02/2020\n \n \n \n \n 1,800 BBL / Monthly\n \n \n \n \n $57.18\n \n \n \n \n \n \n 01/03/2020 - 31/03/2020\n \n \n \n \n 1,800 BBL / Monthly\n \n \n \n \n $57.18\n \n \n \n \n \n \n 01/04/2020 - 30/04/2020\n \n \n \n \n 1,800 BBL / Monthly\n \n \n \n \n $55.15\n \n \n \n \n \n \n 01/05/2020 - 31/05/2020\n \n \n \n \n 1,800 BBL / Monthly\n \n \n \n \n $55.15\n \n \n \n \n \n \n 01/06/2020 - 30/06/2020\n \n \n \n \n 1,80...