18th Sep 2014 08:54
LONDON (Alliance News) - Nostra Terra Oil and Gas Company PLC Thursday said it has completed a rework of Verde1, which has resulted in increased production.
The workover, which typically involves maintenance or performing remedial treatments on a well, was conducted by the operator, Plainsmen Partners LLC. As a result, production has increased to 83.4 barrels of oil per day, compared to 64 barrels of oil per day when it began production, said Nostra Terra.
Nostra Terra has a 16.25% working interest in the Verde Prospect, which covers 636 acres in south-eastern Colorado in the US.
As a result of the successful reworking of Verde 1, a similar programme is now planned for the Verde 3, it added.
"The Verde prospect continues to be a good cash generating prospect in our growing portfolio of producing wells," said Chief Executive Matt Lofgran.
"After three years of production, when wells have usually declined far from their original highs, this well (Verde1) is now producing at a rate stronger than before," added Lofgran.
Nostra Terra's shares were flat at 0.360 Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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