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(Sharecast News) - Oil and gas exploration and production company Nostra Terra announced the completion of logging at the Cypress farm-out well at its Pine Mills oil field on Tuesday, adding that the well would now be perforated and completed.
The AIM-traded firm said the logs indicated around 20 feet of clean woodbine sand, structurally elevated from the offset well.
It said the woodbine sand was oil-bearing throughout in the offset well, adding that the casing had been run and cemented, securing the well ready for perforating and running the completion.
Perforation intervals were now being selected.
The company said the fact that the 20-foot thick top woodbine sands target came in higher on the structure than anticipated, and 37 feet higher than in the offset well, was "clearly a positive", as any hydrocarbons in the woodbine that sat at depths between top woodbine in the Cypress well and top woodbine in the offset well should only be accessible from the Cypress well.
As such, the impact of the well on oil-in-place and proven undeveloped locations was currently under evaluation.
The board said it would update the market further once the analysis was concluded by integration of the new well and 3D seismic volume.
Further updates would also follow once the well was complete, and the company was in a position to notify production rates and reserves.
"We're very happy with the results of the well so far and look forward to the results of the perforation work," said chief executive officer Matt Lofgran.
"This well and any potential offset locations are not currently in our senior lending facility.
"Nostra Terra has the choice to add it to the facility which would also benefit the company with access to low interest rate, non-dilutive financing for growth."
At 1511 GMT, shares in Nostra Terra Oil and Gas Company were down 6.1% at 0.36p.
1 Apr 2016 15:35