Pine Mills - Drilling Update

RNS Number : 7424E

Nostra Terra Oil & Gas Company PLC

10 November 2020

 

7.00am 10 November 2020

Nostra Terra Oil and Gas Company Plc

("Nostra Terra" or "the Company")

Pine Mills - Drilling Update

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 that the Cypress farm-out well 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 formation is the prolific Woodbine Sand, while the well will also evaluate several other known overburden formations. Nostra Terra owns a 32.5% working interest ("WI") in the planned well, which includes a 25% carried WI. Drilling will be followed promptly with logging and then completion.

Matt Lofgran , Nostra Terra 's Chief Executive Officer,  said:

"We continue to be pleased with the progress made by our partner. The result of this well can have a significant impact for the Company in terms of cashflow as well as an increase in reserves, also leading the way to additional development in Pine Mills.

Additionally, we continue progressing our portfolio further with the recent farm-in to the Permian Basin acreage, with the acquisition of  the Caballos Creek asset, and assessment of other potential opportunities in line with our previously stated goals."

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:	[phone]
Beaumont Cornish Limited (Nominated Adviser) James Biddle/ Roland Cornish	Tel:	[phone]
Novum Securities Limited (Broker) Jon Belliss Lionsgate Communications (Public Relations) Jonathan Charles	Tel: Tel:	[phone] [phone]

 

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