Nostra Terra Oil & Gas Company PLC Permian Basin Twin Well - Total Depth and Results (3247X)
November 23 2017 - 1:01AM
UK Regulatory
TIDMNTOG
RNS Number : 3247X
Nostra Terra Oil & Gas Company PLC
23 November 2017
23 November 2017
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Permian Basin Twin Well - Total Depth and Results
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 its well located in Mitchell County,
Texas in the Permian Basin, (the "Twin Well"), has been
successfully drilled and logged with oil shows in all of the target
formations.
The Twin Well was drilled to a total depth of 3,200 feet
encountering the following formations as expected; the Upper San
Andres, Lower San Andres, Glorietta, Upper Clear Fork, Middle Clear
Fork, and Lower Clear Fork Formations. The well intersected more
than 113 feet of gross oil pay in aggregate across the target
objectives. In addition, logging indicated potential commercial
quantities of pay below the main target zone in the Lower Clear
Fork Formation.
The well reached the bottom-hole target as planned. Drilling was
successfully completed on time and below budget.
The production casing has been run and the well cemented. The
Company will proceed with completion, a production facility upgrade
and tie-in operations, following which it anticipates putting the
well put into continuous production.
Matt Lofgran, Chief Executive Officer of Nostra Terra,
commented:
"We're very excited for the successful drilling and logging of
the Twin Well. We encountered each of the target oil-bearing
formations that are productive in the area, including all those
seen in the original well drilled by the neighboring operator.
In addition to this well, Nostra Terra has numerous proven
undeveloped drilling locations already leased in the same area.
We'll seek to grow production and reserves significantly both in
the Permian Basin, and other areas of our portfolio."
Competent Person Disclosure
John Stafford, a Director at Nostra Terra with over 35 years
relevant experience in the oil industry, has reviewed this
announcement for the purposes of the current Guidance Note for
Mining, Oil and Gas Companies issued by the London Stock Exchange
in June 2009. Mr. Stafford is a Fellow of the Geological Society
and a member of the Petroleum Exploration Society of Great
Britain.
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
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 drilling and logging operations of the Twin Well were
successful, reaching the planned bottom-hole location and
intersecting all targeted formations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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