16th Oct 2014 08:52
LONDON (Alliance News) - Nostra Terra Oil and Gas Company PLC said Thursday it has added further production at its Chisholm Trail prospect in Oklahoma.
The oil and gas company, which has a portfolio of assets in the US, said that two new wells are now producing at the Chisholm Trail prospect, being wells CT-17 and CT-14.
At the CT-17 well, it said the most recent ten days of production averaged 440 barrels of oil equivalent per day, which it said exceeded management expectations. Nostra Terra owns a 2.92% working interest in the well, which is operated by Stephens Production Co.
Nostra Terra said the CT-14 well also has been completed and has begun flowing back frac fluid, oil, and gas. It said although the well is producing oil and gas, it is yet to reach peak levels. Nostra Terra has a 20% working interest in the CT-14 well, the largest in its Chisholm Trail portfolio, operated by Ward Petroleum.
"We're very happy with the progress at Chisholm Trail. Another well is performing in excess of original projections and we are seeing another potential dimension added with a third formation being drilled by Chesapeake," said Chief Executive Matt Lofgran in a statement.
The company said spudding of the first exploration well on the High Plains prospect is now expected by the end of the year.
"Additional wells continue to be planned and permitted by a number of operators in Chisholm Trail and Nostra Terra will update shareholders of its participation in these wells once elections are made," the company said.
Nostra Terra shares were trading 2.4% lower Thursday morning at 0.244 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Nostra Terra