6th Jan 2014 08:44
LONDON (Alliance News) - Nostra Terra Oil & Gas Company PLC Monday said it is moving towards completion of previously planned and new wells in Colorado.
The AIM-quoted oil and gas producer with prospects in the US said its 2% working interest CT8 well and 7.375% working interest CT9 well in the Hunton formation underwent hydraulic fracturing operations in December, and both wells are now undergoing completion operations, including construction of tank batteries and putting the wells into production testing.
The company said it is now drilling its CT11 well in the Hunton formation where completion is expected in the first quarter 2014 and said that there is potential for an adjustment in its 3.53% working interest at the site, which it is renegotiating at the moment.
Nostra Terra announced in December that production testing at its Verde prospect was completed with surface equipment sized and installed accordingly and was placed on continuous production with stabilised production rates to be announced shortly.
The company said it has elected to participate with a 1.59% working interest in a 12th well in the Chisholm Trail prospect, which is now permitted and planned to be drilled to test the Mississippian formation in early 2014.
The company said an additional horizontal Hunton well is scheduled to take place as early as the first quarter 2014, pending approvals, and Nostra Terra plans that the site will be its largest working interest in the Chisholm trail to date.
Nostra Terra shares were up 1.5% to 0.276 pence in early trading Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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