12th Aug 2014 10:23
LONDON (Alliance News) - Nostra Oil & Gas Company PLC Tuesday said that overall production in the first half declined in line with expectations due to completion operations, but said since May it has seen production increase, with the potential to rise sharply, as newer wells come on stream.
The oil and gas producer with a portfolio of producing assets in the US said that two of its large-interest wells within the Chisholm Trail prospect reached early payout and the first exploration well in the High Plains prospect is still planned to be drilled in the third quarter of this year.
"Current production from the portfolio underpins the economics of the business as the company looks to expand," it said in a statement.
Nostra said that new wells have been planned and proposed by multiple operators in the Chisholm Trail Prospect, and Nostra Terra continues to evaluate its involvement in these.
The company said it plans to sell the leases and producing wells within the Bloom prospect.
"Selling these non-core assets will allow Nostra Terra to focus its resources in areas where it believes there is significant growth potential... the company is considering larger acquisitions where it would be the operator," it said.
Nostra said a third well in the Chisholm Trail Prospect, Kirtley, is projected to reach payout during the second half of the year.
The company's stock was trading 1.9% lower mid-morning Tuesday, at 0.260 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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