Nostra Terra completed acquisition of eightieth American state in Pine Mills oil field
Tuesday, Nov 29, 2016
Nostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets within the USA and Egypt, is happy to associate degreenounce the acquisition of an eightieth operating Interest in sure oil and gas interests comprising the Pine Mills oil field ("Pine Mills") and associated assets in Wood County, TX ("the Acquisition"), that completed these days. Nostra Terra purchased the assets from GFP TX Iraqi National Congress. ("GFP Texas"), that has exercised its pre-emption rights following the projected sale of Pine Mills by its previous owner and operator, Cue Resources LLV ("Cue Resources"). In thought for the acquisition, Nostra Terra has paid US$1,025,000 to complete the acquisition, that has been majority supported from existing money resources with the balance from a Director loan facility.
Pine Mills could be a two,400-acre manufacturing oil field, presently manufacturing a median of a hundred barrels of oil per day (bopd) (gross). Pine Mills is income positive and has no gift or different defrayment commitments hooked up to that. All leases area unit "Held By Production", giving Nostra Terra full management over the temporal arrangement of any future cost choices. The effective date of the acquisition is one Gregorian calendar month 2016. Nostra Terra is currently the operator of Pine Mills.
Highlights
a hundred bopd (gross) average boring rate over the last four months
Pine Mills is profitable below US$30 per barrel
Cue Resources has internally assessed tried reserves of 373,000 Imperial capacity unit as of one Sep 2016 (consistent with PRMS definitions)
- Total historic production of roughly twelve.3 MMbbls of oil from origin to gift
Nostra Terra has assumed operator standing
All leases area unit command By Production (HBP)
Shallow, typical oil, high body reservoirs
Potential to attain close to term, stablised production of one hundred fifty bopd through:
- Perforation of further pay presently behind pipe
- Reactivation of inactive wells
- Infill drilling potential
future side potential through:
- Deeper exploration targets
- Development chance from significant oil skirt
The Pine Mills oil field
Since the beginning of 2014, average monthly production at Pine Mills has been in way over two,300 barrels.
The previous operator, Cue Resources, has recently completed a major capital investment programme at Pine Mills. This investment programme created a US$0.5million internal web loss as a result of Pine Mills for the year to thirty one Gregorian calendar month 2015, however resulted within the complete upgrade of the field's infrastructure and completion of downhole refurbishments. As a results of the investment programme operations at Pine Mills has been income positive over the course of 2016. The Acquisition includes:
fifteen actively manufacturing oil wells, together with all necessary production instrumentality
5 well-maintained, upgraded storage tanks
four skirt wells probably on the market for reactivation
a completely self-contained service rig
A 12-acre works yard
100 percent possession of Buccaneer operational LLC (operator of Pine Mills)
Commercial explanation for Pine Mills acquisition
As antecedently declared, Nostra Terra's primary strategy is to accumulate manufacturing assets, that area unit income positive and/or have the potential to grow the Company's reserves during this low oil value atmosphere. Nostra Terra can get to accumulate assets wherever it will act as operator, inside established operational environments. As such, the Acquisition fulfills all of Nostra Terra's core assessment criteria.
The Pine Mills oil field is profitable below US$30 per barrel. this suggests that Pine Mills are an on the spot web contributor to Nostra Terra. the corporate plans to conjointly create more operational enhancements in 2017 so as to more improve operational prices. Given the recent vital value savings the corporate has achieved, the introduction of Pine Mills is well regular as Nostra Terra enters 2017 on a way firmer monetary footing.
Upside potential at Pine Mills
As operator of the oil field, and since all leases area unit command By Production, Nostra Terra can have full autonomy when making a decision however, and when, to manage the side potential at Pine Mills.
There area unit four known oil formations across Pine Mills:
Sub Clarksville - Shallowest depths, presently manufacturing and offers greatest close to term side
Woodbine Sands - presently manufacturing and contains by-passed pay potential
Woodbine waggoner - Not presently manufacturing, however twelve locations are known as a possible development chance across the significant oil skirt
Paluxy - Deepest formation, not presently manufacturing, however tested production potential.
Historic boring at Pine Mills has generated an outsized volume of gift knowledge. Nostra Terra expects that by applying fashionable oil field technologies and techniques for analyzing this knowledge, the corporate are ready to determine bypassed and extra oil reserves from the prevailing fifteen manufacturing wells. Since Pine Mills contains a totally equipped service rig, this offers the closest term and lowest value potential side.
The next targets for delivering potential close to term side area unit the four shut-in wells known as candidates for doable reactivation. Nostra Terra plans to guage the four targets within the returning months.
For longer-term development of Pine Mills up to nine infill drill locations are known, covering the Sub Clarksville, Woodbine waggoner and Paluxy formations. associate degree infill drilling programme would have the potential to extend and accelerate recovery rates. Nostra Terra expects to assess these sites within the half of 2017.
Beyond this, there's vital further exploration side at Pine Mills. Pine Mills' success as a manufacturing oil field has been achieved while not unstable measuring. This makes the sphere a chief candidate for a possible 3D unstable project, across its full fold space of roughly twenty sq. miles.
Nostra Terra can give updates to the market because it advances operations at Pine Mills. Specifically it'll commission associate degree freelance assessment of the reserves on Pine Mills and report back to the market consequently.
Director Loan and connected Party group action
Discovery Energy restricted, an organization that is totally in hand by Non-Executive Chairman Ewen Ainsworth, has provided a loan facility these days to the corporate so as to half fund the Acquisition ("Loan Facility"). The Loan Facility is for up to £230,000, on the market to be drawn down over subsequent vi weeks associate degreed bears an charge per unit of ten per cent once a year. the primary £130,000 is to be repaid on or before initial|the primary} day of remembrance of the date of first drawdown. ought to any drawdown in way over this occur, it'll be repaid inside three months of today's date.
The Loan Facility is deemed to be a connected party group action in accordance with the AIM Rules for firms. consequently, the freelance administrators, for this purpose being Matthew Lofgran and writer Oakes, consider, having consulted with the Company's nominative consultant, Strand Hanson restricted, that the terms of the Loan Facility area unit truthful and cheap to that degree because the Company's shareholders area unit involved.
Matt Lofgran, Chief officer of Nostra Terra, commented:
"The Pine Mills project could be a excellent appropriate Nostra Terra's strategy. Having reduced our year on year running prices by four-hundredth and refinanced the record through the sale of our interest within the cattle trail prospect, the Pine Mills acquisition represents a major breakthrough for the corporate.
Our goal has been to accumulate assets, that we tend to operate and wherever we tend to management the pace of development. Pine Mills fulfills each key criteria. With Pine Mills profitable below $30 per barrel, the project can facilitate underpin our business model as we tend to continue grow the business.
Since our core US team is predicated in TX, Nostra Terra has wonderful native information of the operational atmosphere. this can be currently our second acquisition in TX this year, and that we shall focus our energies on securing a lot of manufacturing assets across this prolific oil region."
For a lot of info, please visit: http://www.ntog.co.uk/
For additional info on this project, please visit our comes OGP information
Tuesday, Nov 29, 2016
Nostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets within the USA and Egypt, is happy to associate degreenounce the acquisition of an eightieth operating Interest in sure oil and gas interests comprising the Pine Mills oil field ("Pine Mills") and associated assets in Wood County, TX ("the Acquisition"), that completed these days. Nostra Terra purchased the assets from GFP TX Iraqi National Congress. ("GFP Texas"), that has exercised its pre-emption rights following the projected sale of Pine Mills by its previous owner and operator, Cue Resources LLV ("Cue Resources"). In thought for the acquisition, Nostra Terra has paid US$1,025,000 to complete the acquisition, that has been majority supported from existing money resources with the balance from a Director loan facility.
Pine Mills could be a two,400-acre manufacturing oil field, presently manufacturing a median of a hundred barrels of oil per day (bopd) (gross). Pine Mills is income positive and has no gift or different defrayment commitments hooked up to that. All leases area unit "Held By Production", giving Nostra Terra full management over the temporal arrangement of any future cost choices. The effective date of the acquisition is one Gregorian calendar month 2016. Nostra Terra is currently the operator of Pine Mills.
Highlights
a hundred bopd (gross) average boring rate over the last four months
Pine Mills is profitable below US$30 per barrel
Cue Resources has internally assessed tried reserves of 373,000 Imperial capacity unit as of one Sep 2016 (consistent with PRMS definitions)
- Total historic production of roughly twelve.3 MMbbls of oil from origin to gift
Nostra Terra has assumed operator standing
All leases area unit command By Production (HBP)
Shallow, typical oil, high body reservoirs
Potential to attain close to term, stablised production of one hundred fifty bopd through:
- Perforation of further pay presently behind pipe
- Reactivation of inactive wells
- Infill drilling potential
future side potential through:
- Deeper exploration targets
- Development chance from significant oil skirt
The Pine Mills oil field
Since the beginning of 2014, average monthly production at Pine Mills has been in way over two,300 barrels.
The previous operator, Cue Resources, has recently completed a major capital investment programme at Pine Mills. This investment programme created a US$0.5million internal web loss as a result of Pine Mills for the year to thirty one Gregorian calendar month 2015, however resulted within the complete upgrade of the field's infrastructure and completion of downhole refurbishments. As a results of the investment programme operations at Pine Mills has been income positive over the course of 2016. The Acquisition includes:
fifteen actively manufacturing oil wells, together with all necessary production instrumentality
5 well-maintained, upgraded storage tanks
four skirt wells probably on the market for reactivation
a completely self-contained service rig
A 12-acre works yard
100 percent possession of Buccaneer operational LLC (operator of Pine Mills)
Commercial explanation for Pine Mills acquisition
As antecedently declared, Nostra Terra's primary strategy is to accumulate manufacturing assets, that area unit income positive and/or have the potential to grow the Company's reserves during this low oil value atmosphere. Nostra Terra can get to accumulate assets wherever it will act as operator, inside established operational environments. As such, the Acquisition fulfills all of Nostra Terra's core assessment criteria.
The Pine Mills oil field is profitable below US$30 per barrel. this suggests that Pine Mills are an on the spot web contributor to Nostra Terra. the corporate plans to conjointly create more operational enhancements in 2017 so as to more improve operational prices. Given the recent vital value savings the corporate has achieved, the introduction of Pine Mills is well regular as Nostra Terra enters 2017 on a way firmer monetary footing.
Upside potential at Pine Mills
As operator of the oil field, and since all leases area unit command By Production, Nostra Terra can have full autonomy when making a decision however, and when, to manage the side potential at Pine Mills.
There area unit four known oil formations across Pine Mills:
Sub Clarksville - Shallowest depths, presently manufacturing and offers greatest close to term side
Woodbine Sands - presently manufacturing and contains by-passed pay potential
Woodbine waggoner - Not presently manufacturing, however twelve locations are known as a possible development chance across the significant oil skirt
Paluxy - Deepest formation, not presently manufacturing, however tested production potential.
Historic boring at Pine Mills has generated an outsized volume of gift knowledge. Nostra Terra expects that by applying fashionable oil field technologies and techniques for analyzing this knowledge, the corporate are ready to determine bypassed and extra oil reserves from the prevailing fifteen manufacturing wells. Since Pine Mills contains a totally equipped service rig, this offers the closest term and lowest value potential side.
The next targets for delivering potential close to term side area unit the four shut-in wells known as candidates for doable reactivation. Nostra Terra plans to guage the four targets within the returning months.
For longer-term development of Pine Mills up to nine infill drill locations are known, covering the Sub Clarksville, Woodbine waggoner and Paluxy formations. associate degree infill drilling programme would have the potential to extend and accelerate recovery rates. Nostra Terra expects to assess these sites within the half of 2017.
Beyond this, there's vital further exploration side at Pine Mills. Pine Mills' success as a manufacturing oil field has been achieved while not unstable measuring. This makes the sphere a chief candidate for a possible 3D unstable project, across its full fold space of roughly twenty sq. miles.
Nostra Terra can give updates to the market because it advances operations at Pine Mills. Specifically it'll commission associate degree freelance assessment of the reserves on Pine Mills and report back to the market consequently.
Director Loan and connected Party group action
Discovery Energy restricted, an organization that is totally in hand by Non-Executive Chairman Ewen Ainsworth, has provided a loan facility these days to the corporate so as to half fund the Acquisition ("Loan Facility"). The Loan Facility is for up to £230,000, on the market to be drawn down over subsequent vi weeks associate degreed bears an charge per unit of ten per cent once a year. the primary £130,000 is to be repaid on or before initial|the primary} day of remembrance of the date of first drawdown. ought to any drawdown in way over this occur, it'll be repaid inside three months of today's date.
The Loan Facility is deemed to be a connected party group action in accordance with the AIM Rules for firms. consequently, the freelance administrators, for this purpose being Matthew Lofgran and writer Oakes, consider, having consulted with the Company's nominative consultant, Strand Hanson restricted, that the terms of the Loan Facility area unit truthful and cheap to that degree because the Company's shareholders area unit involved.
Matt Lofgran, Chief officer of Nostra Terra, commented:
"The Pine Mills project could be a excellent appropriate Nostra Terra's strategy. Having reduced our year on year running prices by four-hundredth and refinanced the record through the sale of our interest within the cattle trail prospect, the Pine Mills acquisition represents a major breakthrough for the corporate.
Our goal has been to accumulate assets, that we tend to operate and wherever we tend to management the pace of development. Pine Mills fulfills each key criteria. With Pine Mills profitable below $30 per barrel, the project can facilitate underpin our business model as we tend to continue grow the business.
Since our core US team is predicated in TX, Nostra Terra has wonderful native information of the operational atmosphere. this can be currently our second acquisition in TX this year, and that we shall focus our energies on securing a lot of manufacturing assets across this prolific oil region."
For a lot of info, please visit: http://www.ntog.co.uk/
For additional info on this project, please visit our comes OGP information
No comments:
Post a Comment
nice good article