Permian Basin G6 Well - Total Depth and Results

RNS Number : 5779N

Nostra Terra Oil & Gas Company PLC

10 May 2018

 

10 May 2018

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

Permian Basin G6 Well - Total Depth and Results

Nostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, is pleased to announce that its G6 well located in Mitchell County, Texas in the Permian Basin, has been successfully drilled and logged with oil shows in all of the target formations.

The G6 well was drilled to a total depth of 3,206 feet encountering the following formations as expected; the Upper San Andres, Lower San Andres, Glorietta, Upper Clear Fork, Middle Clear Fork, and Lower Clear Fork Formations. The well intersected more than 103 feet of gross oil pay in aggregate across the target objectives, calculated from log data. Drilling was successfully completed on time and on budget.

The production casing has been run and the well cemented. The Company will proceed with completion and tie-in operations, following which it anticipates putting the well into continuous production. The Company has a 53.25% working interest in the G6 well.

The drilling rig has now been released and is being mobilised to the next well that Nostra Terra is drilling in the area. Nostra Terra has a 73% working interest in this well.

Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:

"We're excited to see another well successfully drilled and logged following the Twin Well, again encountering all of the oil-bearing formations that are productive in the area.

We look forward to completing the G6 well and are now moving quickly to drill the next well in that area, in which Nostra Terra owns a larger working interest."

Qualified Person Disclosure

John Stafford, a Director of Nostra Terra, with over 35 years relevant experience in the oil industry, has reviewed this announcement for the purposes of the AIM Note for Mining and 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.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, visit www.ntog.co.uk or contact:

Nostra Terra Oil and Gas Company plc Matt Lofgran, CEO	Tel:	[phone]
Strand Hanson Limited (Nominated & Financial Adviser and Joint Broker) Rory Murphy / Ritchie Balmer / Jack Botros	Tel:	[phone]
Smaller  Company Capital Limited (Joint Broker) Rupert Williams / Jeremy Woodgate	Tel:	[phone]

 

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