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Nostra Terra shares jump after oil field's record revenue
Nostra Terra announced on Tuesday that its Pine Mills oil field in the United States achieved record monthly revenue of $161,000 in February.
Average field output reached 126 barrels of oil per day (bopd) in February, representing a 30% increase on the first half of 2017, contributing significantly to Nostra Terra's move into positive cash flow last month.
Matt Lofgran, chief executive of Nostra Terra, said: "We're excited to see Pine Mills have a record month with revenue, and also reach a new record on daily production. This was achieved by reinvesting net income from the field into workovers. The lifting costs remain relatively constant, while production and revenue increase, resulting in an increase in net income from the field, which contributes further to remaining cashflow positive at the Plc level."
Nostra Terra owns a 100% working interest in the Pine Mills field where the company intends to continue to utilise work-overs to achieve a production target between 130 and 150 bopd.
As well as the Pine Mills project, Nostra Terra has further assets in the United States and a concession in the Western Desert region of Egypt.
As of 1011 GMT, Nostra Terra's shares were up 6.50% at 4.26p.