(Sharecast News) - Texas-focussed oil and gas exploration and production company Nostra Terra announced on Thursday that a second well in the Cypress farm-out area in its Pine Mills oil field had now spudded.
The AIM-traded firm said drilling was permitted to a total depth of 6,000 feet, and was estimated to take around 10 days.
It said the primary target was the prolific Woodbine Sand, but the well would also evaluate several other up-hole formations prior to reaching total depth.
Nostra Terra owns a 32.5% working interest in the well, with drilling set to be followed by logging and then completion operations.
"Following the success of the initial well, Fouke 1, drilled in the Pine Mills farm-out area, we're excited to be drilling a second well, Fouke 2, which will offset it," said chief executive officer Matt Lofgran.
"If successful, the Fouke 2 will immediately be put into production, further increasing our reserves, production and most importantly our cash flow."
At 1200 GMT, shares in Nostra Terra Oil and Gas Company were up 2.44% at 0.42p.
Nostra Terra (NTOG)