18th May 2015 07:39
LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC on Monday said it has acquired a 1% working interest in the San Miguel prospect in south Texas for an undisclosed amount.
The AIM-listed oil and gas company said the initial well at the site has already been spud and noted there has been proven horizontal drilling success in the area.
"This is our second acquisition in a matter of weeks in Texas. The San Miguel Prospect also has a continuous drilling program at a pace of no less than one well every four months. Between this prospect and the previous acquisition we should see a new well every other month," said Chief Executive Matt Lofgran.
"The board continues to pursue additional acquisitions with the intention of having a material impact on production and reserves going forward," Lofgran added.
Shares in Nostra were up 6.8% to 0.166 pence Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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