10th Mar 2014 08:37
LONDON (Alliance News) - Nostra Terra Oil & Gas Co PLC Monday said production by its 7.38%-owned ninth horizontal well in the Chisholm Trail Prospect in Oklahoma has exceeded board expectations.
The exploration and production oil and gas company said that, in the most recent ten days, production at the site averaged 387 barrels of oil equivalent per day.
The company said the CT9 well was drilled by its operator Husky Ventures Inc to a total measured depth of 12,045 feet, and Nostra Terra's share of production from this well is roughly 28 barrels of oil equivalent per day gross.
Nostra Terra added that in its most recent operations update its daily production rate stood at 60 barrels of oil equivalent per day net, but the addition of production from its CT7, CT8 and CT9 wells on the site represent roughly a 57% increase in total daily production.
The company now has interests in a total of 14 wells in the Chisholm Trail Prospect.
Nostra Terra shares were up 5.7% at 0.280 pence early Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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