Nostra Terra announced production rates of the Cypress farm-out well at the Company's Pine Mills oil field. In December the well was perforated in the target formation. Following this the well was swabbed to remove drilling fluids and relieve hydrostatic pressure. After successfully swabbing over a 48hr period oil was recovered at a rate of 15 barrels per hour. In January the well was completed and put into continuous production. It is currently producing at a steady rate of 100 bopd, limited by pump capacity and surface equipment and with no water cut. While this rate is above expectations, given the strong performance the operator will review seeking authorisation to increase production further. NTOG have a 32.5% working interest in this well (32.5 bopd before royalties) and any future wells in the farm-out area. Given the positive result of this well, the Company expects an increase in its proven reserves. The Company hasn't previously booked any reserves for this acreage or any of the additional undrilled acreage on its Pine Mills oil field. The technical team is currently reviewing seismic data and logs to select the next two drilling locations. When the tank battery was built for the current well, two additional 400-barrel tanks were added to facilitate future production. This area benefits from conventional clastic reservoirs which typically have shallow, predictable declines and long-life production profiles and reserves. Operationally the wells and completions are relatively simple, minimising well intervention costs and reducing opex to a level where The company anticipates lifting costs of less than $10/bbl.