Nostra Terra Oil & Gas Co PLC - AIM-listed company focused on the prolific Permian Basin in West Texas - Starts initial work on Caballos Creek asset in South Texas to identity productive formations in the oil field. Plans to commission new reserve report for targets.
In East Texas, the Pine Mills asset, Nostra continues to await the drilling of a new well in the area, in which the company holds a 33% working interest. Drilling is expected to start shortly, as the area become increasingly active.
"In West Texas, Nostra will re-enter one of the three existing well bores in the Permian Basin, that will allow it to complete a fourth well in the same target formation and use the same techniques employed for the fourth well. Under a farm-in agreement, Nostra will earn 50% of the net cashflow for the life of this well, with the option to pick up a 75% working interest," said Chief Executive Officer Matt Lofgran.
Current stock price: 0.36 pence
Year-to-date change: down 66%
By Dayo Laniyan; firstname.lastname@example.org
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