Nostra Terra Oil & Gas Company PLC Drilling Rig Contracted for Pine Mills farm-in (5010B)
08 October 2020 - 6:00PM
UK Regulatory
TIDMNTOG
RNS Number : 5010B
Nostra Terra Oil & Gas Company PLC
08 October 2020
8 October 2020
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Drilling Rig Contracted for Pine Mills farm-in
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, further to the
Company's RNS on 17 September 2020, that Cypress Minerals LLC
("Cypress"), has entered into a contract for the provision of a
drilling rig for the new well to be drilled by Cypress at the
Company's Pine Mills oil field.
The rig is currently operating nearby, after which it will
mobilised to Pine Mills. The primary target formation is the
prolific Woodbine Sand that is one of the main producers in the
region. The well will also evaluate several other known overburden
formations.
Construction on the drilling pad is anticipated to begin in the
coming days and permitting to follow shortly thereafter. It is
expected that drilling operations will commence in the coming weeks
and last approximately 10 days. Nostra Terra owns a 32.5% working
interest ("WI") in the planned well, which includes a 25% carried
WI and the remainder at cost.
Matt Lofgran , Nostra Terra 's Chief Executive Officer,
said:
"We're delighted to see the progress Cypress is making and look
forward to spudding the new well in the coming weeks. We're
encouraged by the successful wells that have previously been
drilled that offset both sides of the new planned well, further
high-graded by 3D seismic data.
Nostra Terra has a significant interest in the new planned well
and associated acreage. A successful well could increase reserves
and, more importantly, near and long-term cashflow for the
Company."
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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