Nostra Terra Oil & Gas Company PLC Pine Mills --Well Completed and Producing (7827L)
January 15 2021 - 1:00AM
UK Regulatory
TIDMNTOG
RNS Number : 7827L
Nostra Terra Oil & Gas Company PLC
15 January 2021
15 January 2021
Nostra Terra Oil and Gas Company Plc
("Nostra Terra" or "the Company")
Pine Mills -Well Completed and Producing
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 the
Cypress farm-out well at the Company's Pine Mills oil field.
In December the well was perforated in the target formation.
Following this the well was swabbed to remove drilling fluids and
relieve hydrostatic pressure. Production from swabbing was 100% oil
at a strong rate. Having successfully completed the swab, the
completion was run and hooked up awaiting commission.
Construction of the tank battery has been completed, including
two storage tanks of 400 barrels each, giving us 800 barrels
capacity for the well. (An additional two tanks, each of 400
barrels capacity have also been brought on site for use in the next
development well). The flowlines have been connected to the tank
battery and the well put into continuous production.
Further updates will follow once the Company is in a position to
notify stabilised production rates and reserves.
Matt Lofgran , Nostra Terra's Chief Executive Officer, said:
"We are very pleased with the success of this well. The drilling
was done safely and on budget. The logging confirmed the presence
of an oil bearing target reservoir, which came in at a higher depth
than prognosed, indicating a higher oil column and the potential
for more reserves than originally anticipated. The swabbing results
further support the strength of this well and the acreage at Pine
Mills.
We plan to update on the financial impact of this well after we
announce flow rates from the well. With the well now in production
we'll also in due course be adding this to our Senior Facility.
This will play a role in future development of the Pine Mills oil
field and other assets with non-dilutive funds."
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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