Nostra Terra Oil and Gas Company PLC (AIM:NTOG, OTC:NTOGF) CEO Paul Welch takes Proactive's Stephen Gunnion through a production and operations update. Welch shared that the company focused its strategy on Pine Mills, leading to significant gains. Over three summer months, Nostra Terra reduced operating costs by 25%, increased field production by 30 barrels a day at the Pine Mills field (a 60% jump), and raised profit per barrel by 50%.
Welch explained that these initiatives made Nostra Terra profitable at both the operational and corporate levels. He noted, “Adding 30 barrels a day at the current netback increased our annual revenue by half a million dollars.” Additionally, Welch highlighted the company’s work on reinitiating a water flood project at Pine Mills, expected to yield another 15 to 30 barrels per day after a three-month buildup.
Welch also mentioned future growth potential from wells in the Fouke area, which could add significant revenue, and plans to continue optimising operations as 2024 ends.