3rd May 2018 15:23
LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC on Thursday said it has started drilling its second well on the Permian Basin in Mitchell County, Texas.
The oil & gas exploration company owns a 53% working interest in the well. It expects the work to take about six to eight days, with completion of the well to follow shortly thereafter.
Nostra Terra plans to drill and log the well to around 3,200 feet to test both the Clearfork and San Andres formations. In case of success the well will be connected with three neighbouring Clearfork producing wells.
On completion of drilling operations at the well, the company said it intends to immediately mobilise the rig to its second drilling location, where it owns a 73% interest.
This drilling is a part of Nostra Terra's two well back-to-back drill campaign announced in late March which it decided to do after positive results from its Twin well in Texas.
Both wells are on the same lease as Twin well, which is currently producing at a higher rate than expected, the oil and gas producer said in April.
Shares in Nostra Terra were trading 2.5% higher at 4.26 pence each on Thursday.
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