Nostra Terra (AIM: NTOG), the oil & gas exploration and production company with a portfolio of production and development assets in Texas, USA is pleased to announce that a second well in the Cypress farm-out area at the Company’s Pine Mills oil field has now spudded.
Drilling is permitted to a total depth of 6,000 feet and is estimated to take approximately 10 days. The primary target is the prolific Woodbine Sand, but the well will also evaluate several other up hole formations prior to reaching total depth. Nostra Terra owns a 32.5% working interest (“WI”) in the well. Drilling will be followed promptly by logging and then completion operations.
Matt Lofgran, Nostra Terra’s Chief Executive Officer, said:
“Following the success of the initial well (Fouke #1) drilled in the Pine Mills farm-out area, we’re excited to be drilling a second well (Fouke #2), which will offset it. If successful, the Fouke #2 will immediately be put into production, further increasing our reserves, production and most importantly our cash flow.
We look forward to updating the market on the results of the Fouke #2 in due course.”
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information, contact:
Nostra Terra Oil and Gas Company plc
Matt Lofgran, CEO
Tel: +1 480 993 8933
