First South Texas Wells In Production
AIM: NTOG
30 July 2015
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
First Don Pedro and San Miguel Wells on Production
Nostra Terra, the AIM quoted oil and gas producer with a growing portfolio of producing assets in the USA, is pleased to announce that the first wells of the Don Pedro Prospect, in which it has a 1% working interest (as announced on 27 April 2015) and the San Miguel Prospect, in which it also has a 1% working interest (as announced on 18 May 2015), are now in production.
The drilling operations were successfully concluded on the initial test wells of the Don Pedro and San Miguel prospects. Each test well was drilled to a vertical depth of approximately 5,300 feet in order to take a full, conventional core and to obtain additional petro physical data on the target formation. Each well was then turned horizontally, reaching a Total Measured Depth of 10,000 feet.
A minor flow of oil came from the primary objective of the Don Pedro #1, prior to setting the pump, and significant shows of oil were recorded in one of the secondary objectives during drilling. A full, conventional core of the target formation was taken as part of the exploration program in each well. Analysis will take place of the core's petro physical and mechanical properties to better design the drilling, completion and pump systems in future wells. Such activity is common in the early stages of a play.
The drilling rigs were released and completion rigs then brought on location and the wells were put into production.
In addition to the encouraging hydrocarbon shows encountered during drilling operations, the well results will be used to confirm whether or not the predictive geological tools employed in planning this initial well have been successful.
Additional wells are being planned and permitted by the operator. Nostra Terra will update shareholders of production results of the initial well and any participation in future wells.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:
"We're encouraged by what we encountered in the drilling and completion of the initial wells on each prospect. The core was taken over multiple formations to help improve the learning curve.
While we await further updates from the operator, we will continue to push forward with additional opportunities. Our focus remains on producing or near-term producing assets, offering good economic returns at current oil prices.
The Paw Paw prospect, for example, where Nostra Terra is operator and in partnership with Koch Industries, is one such opportunity. The economics of the prospect continue to be very appealing even at today's further depressed oil prices and I look forward to controlling news flow and updating shareholders of our progress on a regular basis."
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas Company plc
Matt Lofgran, CEO
mlofgran@ntog.co.uk Telephone: +1 480 993 8933
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Gary Middleton |
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This information is provided by RNS
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