Nostra Terra Oil & Gas Company PLC Permitting for 3 New Wells (7251C)
January 24 2018 - 1:00AM
UK Regulatory
TIDMNTOG
RNS Number : 7251C
Nostra Terra Oil & Gas Company PLC
24 January 2018
24 January 2018
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Permitting for 3 New Wells
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 the acceleration of its plans for developing
its assets in the Permian Basin.
On 27 December 2017, Nostra Terra announced its intention to
initiate the permitting process for a new well at one of the
Company's 24 drill-ready locations across its Permian acreage.
However, with legal completion of the new Senior Lending Facility
expected to take place before the end of January 2018 (as announced
on 8 January 2018), which provides the Company with immediate
access to US$1.2 million of funding, the Board has now decided to
increase the number of permits it applies for from one to
three.
The increase in the number of permitted drilling locations would
enable Nostra Terra to drill new wells in quicker succession. The
Company intends to review various options in this respect,
including the possibility of securing a drilling rig beyond the
initial well. Such an approach could have the benefit of reducing
the overall costs of drilling the individual wells by spreading
certain fixed expenses.
Matt Lofgran, Chief Executive Officer of Nostra Terra,
commented:
"Confirmation of the new Senior Lending Facility could prove to
be a catalyst for exciting growth for Nostra Terra. We are an
ambitious and nimble company. Our strategy over the last 18 months
has been to take advantage of depressed oil prices, by securing
assets that are both economic at lower oil prices and provide
further development and exploration upside. As previously
announced, we estimate our assets in the Permian Basin to have a
2:1 ROI at $40 oil. At higher oil prices we couldn't be more
excited to drill."
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
This information is provided by RNS
The company news service from the London Stock Exchange
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