Permian Basin Twin Well - Drilling Commences

RNS Number : 6799W

Nostra Terra Oil & Gas Company PLC

16 November 2017

 

16 November 2017

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

Permian Basin Twin Well - Drilling Commences

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 confirm the commencement of drilling the Twin Well in the Permian Basin.

The drilling and logging of the Twin Well to approximately 3,200 feet is expected to take approximately 6-8 days, with completion of the well anticipated to follow shortly thereafter.

The well is planned to test both the Clearfork and San Andres formations, both of which are producing formations in the area. The Clearfork has three different members (a distinct part of a formation) that produce on the lease and in neighbouring leases (Upper Clearfork, Middle Clearfork, and Lower Clearfork from approximately 2,500 feet to 3,200 feet). If successful, the well is expected to be connected to existing infrastructure.

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

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

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

Notes to Editor:

On 31 October 2017, Nostra Terra announced its third acquisition in the Permian Basin, being the acquisition of a 53.25% Working Interest over a 120 acre lease (the "Lease").

An operator previously drilled a field development well on the neighbouring lease, which produced oil. However, once the operator completed a directional survey of the bottom-hole location it discovered that the well had crossed the boundary of the Lease. The operator of the neighbouring well set a plug back to a shallower depth and completed the well as a saltwater disposal well and has provided all of its data to assist with planning and drilling of the Twin Well.

The planned drilling operation of the Twin Well at the Lease will target the same bottom-hole location as the discovery well drilled by the neighouring operator.

 

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