18th Aug 2014 09:10
LONDON (Alliance News) - Nostra Terra Oil & Gas Company PLC Monday said the 17th development well in which it holds an interest has been spudded at the Chisholm Trail Prospect in Oklahoma, US.
Wilson 3-8-5H has been drilled to an approximate depth of 11,700 feet, said Nostra, which holds a 2.9% working interest in the well.
"The wells in the Chisholm Trail prospect are starting to reach payout," said Nostra Terra Chief Executive Matt Lofgran.
"By participating in a portfolio of low-risk wells with other suitably qualified operators, we are able to both grow our revenue and also dedicate time to new assets where we'll be the operator," he added.
Nostra shares were trading 1.9% lower at 0.26 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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