(Alliance News) - Nostra Terra Oil & Gas Co PLC said Monday Cypress Minerals LLC has begun construction of the drilling pad in preparation to drill the new well at the company's Pine Mills oil field.
Shares in the Texas, US-focused oil & gas exploration and production firm were 10% higher in London on Monday morning at 0.47 pence each.
Construction of the drilling pad began last week.
The rig is on standby next to the location where, once the pad is constructed, it will immediately be mobilised to Pine Mills to begin drilling.
Nostra Terra Chief Executive Matt Lofgran said: "We're pleased to be working with Cypress and to see the progress they're making, and look forward to spudding the new well very soon."
"In addition to the new well at Pine Mills, work continues in our second and third areas of operation where we aim to increase production and reserves this quarter," he added.
Nostra Terra owns a 33% working interest in the planned well, which includes a 25% carried working interest and the remainder at cost.
By Paul McGowan; paulmcgowan@alliancenews.com
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Nostra Terra (NTOG)