REG - Nostra Terra O&G Co - Grant East #1 Well successfully drilled

Nostra Terra Oil and GasAnnouncement

09/05/2022 07:00

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RNS Number : 6623K  Nostra Terra Oil & Gas Company PLC  09 May 2022

9 May 2022

 

Nostra Terra Oil and Gas Company Plc

("Nostra Terra" or "the Company")

 

Permian Basin - Grant East #1 Well successfully drilled

 

 

Nostra Terra (AIM: NTOG), the international oil & gas exploration and
production company with a portfolio of production and development assets in
Texas, USA, is pleased to announce that the Grant East #1 well, in the
Permian Basin, West Texas, has reached total depth ("TD").

 

Following the spud announcement on the 3(rd) of May, the Company is pleased to
report that the Grant East #1 reached a total depth of 3,200 feet on May 3,
2022, just below the Clear Fork Formation.

 

Log analysis shows the well encountered the Upper Clear Fork at approximately
2,560 feet and the Lower Clear Fork at approximately 2,806 feet with 24 feet
of gross reservoir section in the Upper Clear Fork and 108 feet of gross
reservoir section in the Lower Clear Fork. This well compares favorably with
the NTOG operated wells on an adjoining lease to the west (the Grant #5 and #6
wells).

 

The well has been cased and cemented through both pay intervals. The
perforations have been selected and fracture stimulation  program has been
designed and is scheduled to take place later this week. Construction of the
tank battery has commenced. Following completion, the well is planned to be
put into production. Nostra Terra owns a 100% working interest and is the
operator.

 

 

Matt Lofgran, Nostra Terra's Chief Executive Officer, said:

 

"We're pleased with the successful drilling and logging at our first well on
the new Grant East Lease, which was performed ahead of schedule and under
budget. We're looking forward to completing the well and updating shareholders
on its production performance in due course."

 

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic
Law by virtue of the European Union (Withdrawal) Act 2018. Upon the
publication of this announcement, this inside information is now considered to
be in the public domain.

 

For further information, contact:

 Nostra Terra Oil and Gas Company plc          Tel:   +1 480 993 8933

 Matt Lofgran, CEO

 Beaumont Cornish Limited                      Tel:   +44 (0) 20 7628 3396

 (Nominated Adviser)

 James Biddle/ Roland Cornish

 Novum Securities Limited (Broker)             Tel:   +44 (0) 207 399 9425

 Jon Belliss

                                               Tel:    +44 (0) 7791 892509

 Lionsgate Communications (Public Relations)

 Jonathan Charles

 

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