Nostra Terra Oil & Gas Company PLC Pine Mills - Survey Completion & Drilling New Well (2889Z)
September 17 2020 - 2:30AM
UK Regulatory
TIDMNTOG
RNS Number : 2889Z
Nostra Terra Oil & Gas Company PLC
17 September 2020
17 September 2020
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Pine Mills - Survey Completion and Drilling for New Well
Nostra Terra (AIM: NTOG), the oil & gas exploration and
production company with a portfolio of development and production
assets in Texas, USA, is pleased to provide an update regarding the
new well to be drilled at Pine Mills.
Further to its RNS on 22 April 2020 in which the Company
announced the farmout of an undeveloped 80 acres of Pine Mills to
Cypress Minerals LLC ("Cypress"), the Company is pleased to report
that progress continues towards Cypress drilling a new well.
Cypress possesses 3D seismic over the area and has high-graded a
location for the proposed new well. Nostra Terra has a 32.5%
working interest ("WI") in the well and the 80 acres, including a
25% carried WI on the first well and the remainder at cost.
A survey has recently been completed in preparation for
constructing the drilling pad. The well design has been agreed and
a drilling contractor has been selected. Drilling operations are
planned to commence in October.
Next, the operator is preparing to construct the drilling pad,
followed by mobilizing the rig and spudding the new well.
The Company will update shareholders on progress in due
course.
Matt Lofgran , Nostra Terra 's Chief Executive Officer,
said:
"Activity is picking up in the direct area from multiple
operators. We're happy to see progress towards the new well at Pine
Mills, our first based on 3D seismic data. Nostra Terra has
significant working interest in the well and subsequent development
and looks forward to updating shareholders as operations
proceed."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
For further information, contact:
Nostra Terra Oil and Gas Company
plc
Matt Lofgran, CEO Email: +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
Novum Securities Limited (Joint
Broker)
Jon Belliss
Tel: +44 (0) 207 399 9425
Lionsgate Communications (Public
Relations)
Jonathan Charles Tel: +44 (0) 7791 892509
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END
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