Nostra Terra Oil and Gas Company PLC (AIM:NTOG, OTC:NTOGF) is “very excited” about the future of its Pine Mills property, as the latest production data reaffirmed the small-cap firm’s investments are paying off.
Company-wide production is now averaging 130 barrels of oil per day, Nostra Terra said, with wholly-owned Pine Mills contributing over 100 barrels of oil per day (bopd).
Production has more than doubled since Nostra Terra invested in well workover programmes – so far three of five well workovers are complete – meanwhile, in the northern section of the field, the company noted a ‘positive waterflood response’ and further production growth is anticipated.
Elsewhere, at the 32.5% owned Fouke area, gross production rates remain above 100 bopd with no decline observed since May 2024.
Nostra Terra and its partner are currently talking about a potential third-well at Fouke, a decision is expected in the second quarter.
"I am very excited about the future potential of the Pine Mills asset, and I look forward to reporting on the results of the remainder of the workover program and results of the Fouke area technical work with our partner,” chief executive Paul Welch said in a statement.
Welch added: “We are very excited to be producing a total of 130 bopd net that includes production of over 100 bopd from Pine Mills for the first time in many years, almost double the rate the field produced before the start of the workover programs.
“This gives us confidence in our decision to focus investment in our Pine Mills asset where we have a 100% working interest."
In London, Nostra Terra shares were on the front foot, rising around 4.5% changing hands at 0.032p.