Q3 Production and Operations Update

About this update from Buccaneer Energy Plc

30 December 2022   Nostra Terra Oil and Gas Company Plc ("Nostra Terra" or "the Company")   Q3 Production and Operations Update   Nostra Terra (AIM: NTOG), the international oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA,   is pleased to provide a production and operations update for the Company for Q3 2022.   Highlights   · On track for record annual production and revenue · 25% sales growth from start of the year · 2nd consecutive quarter with revenue in excess of $1,000,000   Production During the third quarter net sales were 11,568 barrels (100% oil) resulting in $1,042,704 of revenue with the average realised sales price for the period being $90.14 per barrel. Production volumes were higher in Q3 22 than Q2 22, which were in turn higher than in Q1 22.   Production (Sales) - Bbls $USD Gross  (Monthly) NTOG - Net (Monthly) NTOG - Net (Daily) NTOG Net Revenue January 2022 6,105 3,531 114 $265,254 February 2022 3,649 1,759 63 $149,867 March 2022 7,277 3,833 124 $446,381 Q1-22 TOTAL 17,031 9,123 101 $861,502 April 2022 6,726 3,510 117 $313,382 May 2022 9,960 4,116 133 $437,490 June 2022 9,108 3,634 121 $390,867 Q2-22 TOTAL 25,795 11,260 124 $1,141,739 July 2022 10,658 4,281 138 $421,986 August 2022 9,396 3,422 110 $310,005 September 2022 10,314 3,865 116 $310,713 Q3-22 TOTAL 30,368 11,568 126 $1,042,704   Sales figures are based on an accruals basis and may vary slightly from actuals.   Operations   Production for the Quarter increased slightly over the prior quarter. A number of wells were shut-in during the period, whilst planned production facility improvement was undertaken at the Pine Mills field (where the Company holds a 100% working interest).   Facility upgrades at Pine Mills have now been completed with treating and disposal capacity approximately doubled, while decreasing injection pressure by approximately 50%.  Previously shut-in wells will be returned to production during Q4 as treating capacity expansion is brought online.   The Fouke 1 production increased by approximately 24% following upgrades to the pumping unit.  Both the Fouke 1 and Fouke 2 wells are now on electric power, decreasing operation costs, thus improving margins.    Matt Lofgran , Nostra Terra's Chief Executive Offic...

View stock analysis, news, and events for Buccaneer Energy Plc