Business
Well 1: Sale of Oil Commences
Well 1: Sale of Oil Commences.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n Nostra Terra Oil & Gas Company PLC\n14 April 2008\n\n\n\nNTOG.L\n\n \n Nostra Terra Oil and Gas Company plc\n ('NTOG' or the 'Company')\n\n www.ntog.co.uk\n\n Well #1 -Sale of Oil Commences\n\n\nNostra Terra Oil and Gas plc is pleased to announce that Well #1, within the\nNeocomian reservoir, is producing oil in line with expectations as detailed in\nthe Company's RNS statement released on 12th February 2008.\n\nFor March 2008, oil production from well #1 was 391 bbls whilst sales during the\nmonth from accrued production from well #1 were 478.5 bbls of oil grossing\n$38,529, though currently the Company receives $31.69 per bbl net of sales tax\nand production royalties, approximately $15,164 for the month.\n\nThese revenues will make a valuable contribution to the Company's operating\ncosts within the Ukraine and underpins the progress being made in reopening\npreviously producing oil wells.\n\nWell #1 is free flowing and opened approximately every 36 hours, producing light\noil (.78 specific gravity). The production zone is at a depth of between 2,671\nand 2,733 metres.\n\nFurther geophysical tests are underway to determine the potential that lifting\nequipment will add to the production.\n\n\n\nBrian Courtney, Chief Executive Officer, commented:\n\n'This is very encouraging news which confirms that historic forecasts for Well #\n1 were accurate and provides a great deal of optimism for the recently reopened\nWell #24 and the commercial potential for our Oktyabrskoe license as a whole\nwhich covers 36 wells. We look forward to reporting further progress in due\ncourse'.\n\n\n\n\nFor further information, please contact:\n\nNostra Terra Oil and Gas Brian Courtney 001-905-842-8543\nCompany plc Chief Executive [email protected]\nwww.ntog.co.uk Officer\n \n Stephen Oakes +44 (0)7867 528 108\n Non-executive\n Director\n\nBlomfield Corporate Alan MacKenzie +44 (0)20 7512 0191\nFinance Limited Nick Harriss\n\nBiddicks Shane Dolan +44 (0)20 7448 1000\n\n\n\nAbout NTOG\n\nwww.ntog.co.uk\n\n\nNTOG is an oil production company listed on the London Stock Exchange (AIM): RIC\ncode NTOG.L\n\nThe Company was created to reopen previously oil producing wells within the\nUkraine's Oktyabrskoe oil field under licence via a Joint Activity Agreement\nwith NAK Nadra Krymgeologia, a subsidiary of NAK Nadra Ukrainiy, a state owned\nUkrainian...