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Nostra Terra Oil & Gas Co PLC - AIM-listed company focused on the prolific Permian Basin in West Texas - Announces that its Cypress farm-out well at the Pine Mills oil field in east Texas has now reached total depth. This follows spud announcement Tuesday last week, with the well having now reached its 6,000 feet planned total depth in the cretaceous Woodbine formation. Operation now running wireline logging suites to evaluate target internals, select perforation, and complete the well. Nostra Terra holds 32.5% working interest in well, including 25% carried working interest.
Notes September announcement of farm-in agreement for three leases in eastern shelf of Permian basin. Confirms transaction has now closed. Procedures for completion ready with contractors now being scheduled and operation set to complete in December.
Current stock price: 0.45 pence; down 5.1% on Monday
Year-to-date change: down 57%
By Anna Farley; annafarley@alliancenews.com
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