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Nostra Terra Oil & Gas Co PLC on Wednesday hailed the renewal of a senior lending facility. The Texas-focused exploration and production company said its $10 million senior lending facility with WAFD Bank, formerly Washington Federal Savings & Loan, has been renewed for three years until January 29, 2028. Nostra Terra Chief Executive Officer Paul Welch said: ‘We’re pleased to continue to deliver significant improvements in production and cash flows, which is reflected in a 3-year extension of our senior lending facility. This gives us significant financial flexibility to continue to grow production with the headroom to increase our borrowing base with increasing cashflow and reserves.’ Last week Tuesday, the company said total oil production ‘is currently averaging approximately’ 120 barrels of oil per day, ‘up significantly’ from 90 bopd during an unspecified previous period. It added output at its main producing asset, the Pine Mills oil field in Wood County, Texas, averaged over 80 bopd in December, ‘confirming the 60% or 30 bopd increase in production first achieved in November’. Increased group production was due to Pine Mills’ contribution during the first phase of its planned workover programme, with production resuming at five formerly shut-in wells. The second phase started at the end of December with the first well resuming production on Monday. Adds that three previously shut-in wells restarted ‘this week’ in the northern section with reservoir pressure back up to pre-shut-in levels following the waterflood’s resumption in September, although the full benefit ‘has yet to be seen, and further increases are expected over the next month’. Nostra Terra also noted that it ‘is cashflow positive at corporate and operational levels’. Nostra Terra shares were 8.7% higher at 0.038 pence each on Wednesday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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