25th Oct 2018 12:05
LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC on Thursday said it has appointed Trey Resources Inc to come up with a development plan for an asset in the Permian Basin, west Texas.
Trey will make the plan for the Mesquite project, on the Permian Basin. Nostra Terra only announced the acquisition of Mesquite on Monday this week for USD150,000.
Trey, Nostra Terra said, has experience of operating Permian basin assets with specific knowledge of horizontal drilling. This is the form of drilling suited to Mesquite, the company said.
Nostra Terra will issue one-third of Trey's fees via company shares, with the rest in cash.
Nostra Terra Chief Executive Matt Lofgran said: "We are very happy to appoint Trey Resources to complete the field development plan for Mesquite.
"Trey brings with it a wealth of experience in horizontal drilling across the Permian Basin, which will directly benefit Nostra Terra in finalizing a robust drilling plan."
Lofgran added: "Our goal is to grow the company's net daily oil production by a multiple of current levels by the end of 2019. The acquisition of Mesquite was a first step in realizing this ambition, the appointment of Trey is another and we hope to be able to announce further progress in the coming weeks."
Shares were 4.7% lower on Thursday at a price of 3.43 pence each.
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