13th Feb 2014 10:13
LONDON (Alliance News) - Nostra Terra Oil and Gas Company PLC Thursday announces strong production rates from the Jones 1-5H well in Oklahoma.
The AIM-quoted oil and gas producer with operations in the US said the Jones 1-5H well, which is the eighth horizontal well in the Chisholm Trail Prospect, exceeded the company's expectations with the most recent ten days of production having averaged a strong 521 barrels of oil equivalent per day.
Nostra Terra said the well, in which Nostra Terra has a 2.00% working interest was drilled to 11,773 feet and represents continued strong figures from the Chisholm area.
The company also said production at the Holt 1 well in the Verde Prospect, Colorado, has now stabilised at 12 barrels of oil per day.
Nostra Terra has a 17.54% working interest in the well which was drilled to a total depth of 4,792 feet.
The company added that it increased its working interest in the CT11 site at the Chisholm Trail to 3.55% from 3.53%, and it has decreased its working interest in the CT12 well in the Chisholm Trail to 0.8% from 1.59% as the size of the unit doubled.
Nostra Terra shares were up 1.8% to 0.290 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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