(Sharecast News) - Oil and gas exploration and production company Nostra Terra updated the market on operations at its Pine Mills asset in East Texas on Wednesday, reporting that the Cypress farmout acreage had doubled in size.
The AIM-traded firm said potential additional locations and reserves had been identified, with a second Cypress well planned in 2021.
It said the remaining acreage wholly owned by the company, meanwhile, was being assessed for further potential farmouts.
"With the recent success at Pine Mills we're excited to have doubled the acreage position in an area of virgin reservoir with the next well now being planned," said chief executive officer Matt Lofgran.
"Pine Mills has been a strong asset with much more potential for further development.
"Nostra Terra continues to execute on our plans to grow production and cashflow, primarily from existing assets, while still seeking additional opportunities that could be transformational for the company, both in the United States and in other developed oil and gas provinces."
At 1138 GMT, shares in Nostra Terra Oil and Gas Company were down 4.17% at 0.58p.
Nostra Terra (NTOG)16 Jan 2024 17:35
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