Last checked at 8 Nov 2017 07:00
8 November 2017
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Permian Basin Twin Well - Drilling Location
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 confirm that preparation for the drilling location for the new Twin Well in the Permian Basin has commenced.
As announced on 31 October 2017, Nostra Terra acquired a 53.25% Working Interest over a 120 acre lease in the Permian Basin (the "Lease"), the Company's third acquisition in the area. The Lease contains multiple drill ready locations, including a target which was previously drilled and produced oil.
The targeted drill location for the Twin Well is now being prepared with drilling anticipated to commence later this month when the location is ready. Total depth is expected to be reached before the end of November 2017 and completion of the well anticipated to follow shortly thereafter.
The Company looks forward to updating shareholders on the anticipated achievement of reaching total depth, completion and production rates in due course.
This announcement contains inside information for the purposes of Article 7 of EU Regulations 596/2014.
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas Company plc Matt Lofgran, CEO
| +1 480 993 8933 | ||||
Strand Hanson Limited (Nominated & Financial Adviser and Joint Broker) | +44 (0) 20 7409 3494 | ||||
Rory Murphy / Ritchie Balmer / Jack Botros | |||||
Smaller Company Capital Limited (Joint Broker) | +44 (0) 20 3651 2910 | ||||
Rupert Williams / Jeremy Woodgate | |||||
Notes to Editor:
On 31 October 2017, Nostra Terra announced its third acquisition in the Permian Basin, being the acquisition of a 53.25% Working Interest over a 120 acre lease (the "Lease").
An operator previously drilled a field development well on the neighbouring lease, which produced oil. However, once the operator completed a directional survey of the bottom-hole location it discovered that the well had crossed the boundary of the Lease. The operator of the neighbouring well set a plug back to a shallower depth and completed the well as a saltwater disposal well and has provided all of its data to assist with planning and drilling of the Twin Well.
The planned drilling operation of the Twin Well at the Lease will target the same bottom-hole location as the discovery well drilled by the neighouring operator.