Permian Basin - Drilling Update

RNS Number : 4604M

Nostra Terra Oil & Gas Company PLC

30 April 2018

 

30 April 2018

Nostra Terra Oil and Gas Company plc

("Nostra Terra" or the "Company")

Permian Basin - Drilling Update

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 provide an operational update concerning the forthcoming back-to-back wells to be drilled at the Company's Permian Basin assets in Mitchell County, Texas.

Drilling Location & First Well Spud

Further to the update on 12 April 2018, the first pad has been completed and the second is underway. The drilling rig is scheduled for delivery and spud of the first well is expected to occur in the coming days.

On completion of drilling operations at the first well, the rig will immediately be mobilized to the second drilling location. Nostra Terra will provide an update about scheduling and spud of the second well in due course.

Nostra Terra owns a 53.25% Working Interest in the first well due to be drilled and a 73% Working Interest in the second well. Both wells will target the Clear Fork formation.

All of these operations are already funded from existing Company resources and facilities.

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

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

"As we near spud of our next Permian Basin well, Nostra Terra's balance sheet continues to improve. We remain cash flow positive and any increase in oil production over the coming months could significantly strengthen our position. I look forward to providing further updates on both wells, once drilling commences."

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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