(Alliance News) - Nostra Terra Oil & Gas PLC expects production to increase during the remainder of 2019 and will move towards drilling a key well in a US oil field, the gas and exploration firm said Monday.
Net production was at 111 barrels of oil per day in the first five months of 2019, a 10% increase from 2018. In addition to planning for the drilling of its first horizontal well in the Permian Basin, Nostra has also identified several other drill sites in the Texas field.
Chief Executive Matt Lofgran said: "We're making good progress in all areas of our portfolio. Production from existing assets in the USA are even better than 2018, this being prior to drilling any new wells. We're preparing to drill new wells in the Permian Basin in an exciting area where we're surrounded by nearby production on all four sides."
The company also said it expects a ruling in relation to the North Petroleum International Co SA arbitration case by the end of July. Nostra Terra Oil previously accused North Petroleum of not abiding by a joint operating agreement for East Ghazalat concession in Egypt. The case is being heard at the London Court of International Arbitration.
Shares in Nostra were up 3.0% at 1.85 pence each in London on Monday afternoon.
Nostra Terra (NTOG)