Nostra Terra Oil and Gas Company PLC (AIM:NTOG, OTC:NTOGF) CEO Paul Welch talked with Proactive about the company’s recent milestones and future plans. Welch detailed the completion of a £500,000 fundraise, which brought new institutional investors on board, with a spike in its shares price resulting in the shares being issued at larger than planned discount. He explained that the funds are allocated for the second phase of a workover program, targeting production increases from five additional wells.
The first phase of the program delivered a 30-barrel-per-day production boost, with the potential for an additional 15 to 30 barrels per day once a water flood project in the northern field is fully operational. Welch anticipates similar success in the second phase, with projections of 50 additional barrels per day. He emphasised the transformative impact of these initiatives, estimating a fivefold increase in monthly cash flow once the projects are completed.