(Sharecast News) - Oil and gas exploration and production company Nostra Terra announced on Monday that Cypress Minerals has begun construction of the drilling pad in preparation to drill the new well at its Pine Mills oilfield.
The AIM-traded firm said construction of the drilling pad began last week.
It said the rig was on standby next to the location where, once the pad is constructed, it would immediately be mobilised to Pine Mills to begin drilling.
Nostra Terra owns a 32.5% working interest in the planned well, which includes a 25% carried working interest, with the remainder at cost.
The company said it would confirm permitting and the start of drilling.
"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," said chief executive officer Matt Lofgran.
"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."
At 1134 BST, shares in Nostra Terra Oil and Gas Company were up 8.59% at 0.46p.
Nostra Terra (NTOG)16 Jan 2024 17:35
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