Pine Mills - Operations Update

RNS Number : 2482G

Nostra Terra Oil & Gas Company PLC

24 November 2020

 

7.00am 24 November 2020

Nostra Terra Oil and Gas Company Plc

("Nostra Terra" or "the Company")

Pine Mills - Positive Logging Results and Well Completion

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 the completion of logging at the Cypress farm-out well at the Company's Pine Mills oil field. The well will now be perforated and completed.

Highlights:

· Wireline logging successfully concluded

· Formation tops validate the 3D seismic

· Principal target encountered 17' higher than its prognosed depth

· Well has been cased and cemented awaiting perforation and completion

Logs indicate circa 20' of clean Woodbine Sand, structurally elevated from the offset well. The Woodbine Sand is oil-bearing throughout in the offset well. Casing has been run and cemented, securing the well ready for perforating and running the completion. Perforation intervals are now being selected.

The fact that the 20' thick Top Woodbine Sands target came in higher on the structure than anticipated - and 37' higher than in the offset well - is clearly a positive as any hydrocarbons in the Woodbine that sit at depths between Top Woodbine in the Cypress well and Top Woodbine in the offset well should only be accessible from the Cypress well. As such, the impact of this well on oil in place and PUD's (additional proven locations) is currently under evaluation. We shall update the market further once this analysis has been concluded by integration of the new well and 3D seismic volume.

Further updates will follow once the well has been completed, and the company is in a position to notify production rates, and reserves.

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

"We're very happy with the results of the well so far and look forward to the results of the perforation work. This well and any potential offset locations (PUDS), are not currently in our Senior Lending Facility. Nostra Terra has the choice to add it to the facility which would also benefit the Company with access to low interest rate, non-dilutive financing for growth."

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

Competent Person Disclosure

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

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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