Last checked at 21 Dec 2018 07:00
21 December 2018
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Nostra Terra opens Dallas Operations Office
Nostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, is pleased to announce that the Company has opened a new permanent operations office in Dallas, Texas.
Since 2016, as Nostra Terra has grown its portfolio of producing oil assets in Texas, the Company has outsourced many operational and business development functions. This flexible approach has enabled Nostra Terra to manage its costs, as the Company grew.
However, with the acquisition and development of the Mesquite Prospect, Nostra Terra anticipates a significant increase in its operating activity in the Permian Basin during 2019. As such, the Company is increasing its in-house operational capabilities, both to support better management of its producing oil assets and to assess new acquisition opportunities.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:
"As we enter 2019, Nostra Terra is well positioned to execute the next phase of its growth strategy. We expect to receive the engineered economics report of the Mesquite Field Development Plan by mid January. Assuming this is in line with our expectations, it is important that we prepare the Company to move quickly to take advantage of this. There is a great deal of regional competitive interest in opening new plays in the Permian Basin, so now is the right time to increase our in-house capabilities."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas Company plc Matt Lofgran, CEO
| Tel: | +1 480 993 8933 |
Strand Hanson Limited (Nominated & Financial Adviser and Joint Broker) Rory Murphy / Ritchie Balmer / Jack Botros
| Tel: | +44 (0) 20 7409 3494 |
Smaller Company Capital Limited (Joint Broker) Rupert Williams / Jeremy Woodgate | Tel: | +44 (0) 20 3651 2910 |
About the Mesquite Prospect
The Mesquite Prospect is in West Texas and covers 1,384 net acres in the prolific Permian Basin. The Mesquite Prospect is proven to produce from multiple, stacked-pay reservoirs. Nostra Terra has identified 8 targets to drill horizontal wells across the Mesquite leases.
The target formations at the Mesquite Prospect are "tight", meaning the oil-bearing rock formations are of low permeability. As such, the target formations have characteristics that make them ideal targets for horizontal drilling and have delivered substantial oil production in other areas of the Permian Basin. Comparable regional horizontal drilling has delivered initial oil production rates of 200-300bopd per well.