22nd Aug 2018 12:03
LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC said Wednesday that it is reviewing multiple acquisition opportunities to expand its operations in Texas, US.
"Nostra Terra is currently reviewing multiple acquisition opportunities to expand its footprint in the Permian Basin and across Texas," the company said.
"These include existing producing assets and new prospects. The company will look to balance expanding its footprint whilst continuing to grow production and increase cash flow in the weeks and months ahead," it added.
The company currently holds one permit to drill a further well at its Mitchell County leases. It will submit applications to drill three additional wells, it said.
Nostra Terra added that during July, combined average oil production of the Twin Well and G6 Well, located in the Mitchell County, Texas, was 63 barrels of oil per day.
In addition, the Twin Well has paid back 50% of its drilling costs within six months from commercial production.
Nostra Terra shares were trading down 5.1% at 3.70 pence each.
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