Nostra Terra Oil and Gas Company PLC (AIM:NTOG, OTC:NTOGF) has confirmed an expected rise in production levels at its Pine Mills asset in Texas.
It comes as a programme of workovers and well reactivations are bringing up volumes.
Oil production currently averages 120 barrels of oil per day (bopd), up from 90 bopd, the small-cap firm said in a statement.
Averaging 80 bopd in December, the rate was up 60% on previous levels.
Following the phase of work to improve operations, the company noted that Pine Mills waterflood pressure is back to ‘pre shut-in’ levels.
Three wells recently came back online, and the company highlighted that it was cashflow positive at both corporate and operational levels.
As Phase 2 of the workover programme advances, the company noted that its first well of 2025 was put back on production on 20 January.
"We are excited to see the field performing at the current levels and expect further increases in production as the Phase 2 workover program progresses,” chief executive Paul Welch said in a statement.
“Now that the reservoir pressure in the northern section of the field is back to pre-shut-in levels and three wells are being returned to production, we anticipate further increases in oil production from this area.”
Welch added: “Our decision to focus on our Pine Mills asset is delivering value for the company and our shareholders and I believe there is a lot more potential that has yet to be realized.
“I anticipate that in 2025, the rewards of focusing on Pine Mills will only increase.”