Nostra Terra Oil & Gas Company PLC Pine Mills -- Operations Update (2482G)
November 24 2020 - 1:00AM
UK Regulatory
TIDMNTOG
RNS Number : 2482G
Nostra Terra Oil & Gas Company PLC
24 November 2020
7.00am 24 November 2020
Nostra Terra Oil and Gas Company Plc
("Nostra Terra" or "the Company")
Pine Mills - Positive Logging Results and Well Completion
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 announce the completion of
logging at the Cypress farm-out well at the Company's Pine Mills
oil field. The well will now be perforated and completed.
Highlights:
-- Wireline logging successfully concluded
-- Formation tops validate the 3D seismic
-- Principal target encountered 17' higher than its prognosed depth
-- Well has been cased and cemented awaiting perforation and completion
Logs indicate circa 20' of clean Woodbine Sand, structurally
elevated from the offset well. The Woodbine Sand is oil-bearing
throughout in the offset well. Casing has been run and cemented,
securing the well ready for perforating and running the completion.
Perforation intervals are now being selected.
The fact that the 20' thick Top Woodbine Sands target came in
higher on the structure than anticipated - and 37' higher than in
the offset well - is clearly a positive as any hydrocarbons in the
Woodbine that sit at depths between Top Woodbine in the Cypress
well and Top Woodbine in the offset well should only be accessible
from the Cypress well. As such, the impact of this well on oil in
place and PUD's (additional proven locations) is currently under
evaluation. We shall update the market further once this analysis
has been concluded by integration of the new well and 3D seismic
volume.
Further updates will follow once the well has been completed,
and the company is in a position to notify production rates, and
reserves.
Matt Lofgran , Nostra Terra's Chief Executive Officer, said:
"We're very happy with the results of the well so far and look
forward to the results of the perforation work. This well and any
potential offset locations (PUDS), are not currently in our Senior
Lending Facility. Nostra Terra has the choice to add it to the
facility which would also benefit the Company with access to low
interest rate, non-dilutive financing for growth."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
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.
For further information, contact:
Nostra Terra Oil and Gas Company
plc
Matt Lofgran, CEO Email: +1 480 993 8933
Beaumont Cornish Limited
(Nominated Adviser)
James Biddle/ Roland Cornish Tel: +44 (0) 20 7628 3396
Novum Securities Limited (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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