Grant East #1 Well successfully drilled

RNS Number : 6623K

Nostra Terra Oil & Gas Company PLC

09 May 2022

 

9 May 2022

Nostra Terra Oil and Gas Company Plc

("Nostra Terra" or "the Company")

Permian Basin - Grant East #1 Well successfully drilled

Nostra Terra (AIM: NTOG), the international oil & gas exploration and production company with a portfolio of production and development assets in Texas, USA,   is pleased to announce that the Grant East #1 well, in the Permian Basin, West Texas, has reached total depth ("TD"). 

Following the spud announcement on the 3^rd of May, the Company is pleased to report that the Grant East #1 reached a total depth of 3,200 feet on May 3, 2022, just below the Clear Fork Formation.

Log analysis shows the well encountered the Upper Clear Fork at approximately 2,560 feet and the Lower Clear Fork at approximately 2,806 feet with 24 feet of gross reservoir section in the Upper Clear Fork and 108 feet of gross reservoir section in the Lower Clear Fork. This well compares favorably with the NTOG operated wells on an adjoining lease to the west (the Grant #5 and #6 wells).

The well has been cased and cemented through both pay intervals. The perforations have been selected and fracture stimulation  program has been designed and is scheduled to take place later this week. Construction of the tank battery has commenced. Following completion, the well is planned to be put into production. Nostra Terra owns a 100% working interest and is the operator.

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

"We're pleased with the successful drilling and logging at our first well on the new Grant East Lease, which was performed ahead of schedule and under budget. We're looking forward to completing the well and updating shareholders on its production performance in due course."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information, contact:

Nostra Terra Oil and Gas Company plc Matt Lofgran, CEO Tel: [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]

 

END

 

 

UPDEADSKELSAEFA