Nostra Terra Oil & Gas Company PLC
14 April 2008
NTOG.L
Nostra Terra Oil and Gas Company plc
('NTOG' or the 'Company')
www.ntog.co.uk
Well #1 -Sale of Oil Commences
Nostra Terra Oil and Gas plc is pleased to announce that Well #1, within the
Neocomian reservoir, is producing oil in line with expectations as detailed in
the Company's RNS statement released on 12th February 2008.
For March 2008, oil production from well #1 was 391 bbls whilst sales during the
month from accrued production from well #1 were 478.5 bbls of oil grossing
$38,529, though currently the Company receives $31.69 per bbl net of sales tax
and production royalties, approximately $15,164 for the month.
These revenues will make a valuable contribution to the Company's operating
costs within the Ukraine and underpins the progress being made in reopening
previously producing oil wells.
Well #1 is free flowing and opened approximately every 36 hours, producing light
oil (.78 specific gravity). The production zone is at a depth of between 2,671
and 2,733 metres.
Further geophysical tests are underway to determine the potential that lifting
equipment will add to the production.
Brian Courtney, Chief Executive Officer, commented:
'This is very encouraging news which confirms that historic forecasts for Well #
1 were accurate and provides a great deal of optimism for the recently reopened
Well #24 and the commercial potential for our Oktyabrskoe license as a whole
which covers 36 wells. We look forward to reporting further progress in due
course'.
For further information, please contact:
Nostra Terra Oil and Gas Brian Courtney 001-905-842-8543
Company plc Chief Executive bcourtney@ntog.co.uk
www.ntog.co.uk Officer
Stephen Oakes +44 (0)7867 528 108
Non-executive
Director
Blomfield Corporate Alan MacKenzie +44 (0)20 7512 0191
Finance Limited Nick Harriss
Biddicks Shane Dolan +44 (0)20 7448 1000
About NTOG
www.ntog.co.uk
NTOG is an oil production company listed on the London Stock Exchange (AIM): RIC
code NTOG.L
The Company was created to reopen previously oil producing wells within the
Ukraine's Oktyabrskoe oil field under licence via a Joint Activity Agreement
with NAK Nadra Krymgeologia, a subsidiary of NAK Nadra Ukrainiy, a state owned
Ukrainian geological company. NTOG retains 88% interest before payout and a 60%
interest after pay out.
The Oktyabrskoe licence area contains 36 wells; the Company's strategy is to
open five wells initially and then assess subsequent opportunities.
This information is provided by RNS
The company news service from the London Stock Exchange