1st Aug 2022 17:47
Nostra Terra Oil & Gas Co PLC - London-based oil and gas company with operations focused in the US - Fouke-2 well, in which Nostra holds a 33% working interest, has reached payback - the recovery of all drilling costs from net cashflow - less than three months after output startup.
Production rate remains at 140 barrels of oil per day, with no decline since start up. The Fouke-1 well also produces 100% dry oil at a rate of oil 110 bopd.
Nostra Terra also starts a five-well work-over program in the Pine Mills oilfield.
"Both the Fouke #1 and Fouke #2 wells have been very strong producers, adding significant cashflow to the company. These results highlight some of the opportunities that exist in the Pine Mills Field. Nostra Terra whilst having a WI of 32.5% at the Fouke wells, owns a 100% working interest in 2,320 acres and continues to develop additional opportunities to grow production from this field," says Chief Executive Officer Matt Lofgran.
Current stock price: 0.30 pence
12-month change: down 34%
By Dayo Laniyan; [email protected]
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