18th Mar 2014 11:45
LONDON (Alliance News) - Nostra Terra Oil & Gas Company PLC said it will participate in its fifteenth horizon well in the Chisholm Trail Prospect (CT15) in Oklahoma in which it holds an 11.6% stake.
The CT15 well has been successfully spudded and drilled to total depth in the West Half of Section 26 in Township 17N-5W.
Nostra said the well operators, Husky Ventures, committed to drill to a true vertical depth of approximately 7,000 feet and a total measure depth of 11,496 feet into the Hunton formation. Once completed it has been agreed that Ward Petroleum will become the operator of the well.
The company has varying interests in 15 wells at Chisholm, with eight producing and seven in stages from permitting to fracking with multiple different operators.
Well results have varied from 258 barrels of oil per day to 555 barrels of oil per day, on average in the first 30 days of production.
Nostra said additional wells are being planned and permitted by a number of operators at the Chisholm Trail.
The stock was trading at 0.250 pence Tuesday afternoon, up 0.005 pence or 1.9%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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