13th Feb 2014 14:55
LONDON (Alliance News) - Nostra Terra Oil and Gas Company PLC Thursday announced strong production rates from the Jones 1-5H well in Oklahoma, and said it has increased its stake in certain assets.
The AIM-quoted oil and gas producer with operations in the US said the Jones 1-5H well, which is the eighth horizontal well in the Chisholm Trail Prospect, exceeded the company's expectations with the most recent ten days of production having averaged a strong 521 barrels of oil equivalent per day.
Nostra Terra said the well, in which Nostra Terra has a 2.00% working interest, was drilled to 11,773 feet and represents continued strong figures from the Chisholm area.
The company also said production at the Holt 1 well in the Verde Prospect, Colorado, has now stabilised at 12 barrels of oil per day. Nostra Terra has a 17.54% working interest in the well which was drilled to a total depth of 4,792 feet.
The company said in a separate statement that it has increased its working interest in the eighth horizontal well at the Chisholm Trail to 2.92% from 2.00%.
Nostra Terra said the most recent ten days of production at the CT8 site averaged 521 barrels of oil equivalent per day, representing an increase in net production to the company from the well from 10.42 barrels of oil equivalent per day to 15.21 barrels before royalties.
The company added that it increased its working interest in the CT11 site at the Chisholm Trail to 3.55% from 3.53%, and it has decreased its working interest in the CT12 well in the Chisholm Trail to 0.8% from 1.59% as the size of the unit doubled.
Nostra Terra shares were up 7.7% to 0.307 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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