REG - Nostra Terra O&G Co - Permian Basin – Grant East #1 Well Spud

Nostra Terra Oil and GasAnnouncement

03/05/2022 07:00

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RNS Number : 9821J  Nostra Terra Oil & Gas Company PLC  03 May 2022

3 May 2022

 

Nostra Terra Oil and Gas Company Plc

("Nostra Terra" or "the Company")

 

Permian Basin - Grant East #1 Well Spud

3 Wells Permitted

100% Interest Acquired

 

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, further to the announcement of
14(th) April, the Grant East #1 well, in the Permian Basin, West Texas,
spudded on 29th April 2022.

 

Nostra Terra has acquired a 100% working interest in the Grant East Lease. The
Grant East #1 well is the first of three permitted locations to be drilled to
date. Drilling is prognosed to reach a total depth of 3,500 feet and is
anticipated to take approximately 7 days. The primary objective is the Clear
Fork Formation with the secondary objective being the up-hole San Andres
Formation, both of which are productive in offset wells.

 

Once drilling reaches total depth the well will be logged and evaluated.  If
successful, completion operations will commence immediately: these will be
comprised of a fracture stimulation treatment followed by the installation of
artificial lift equipment and then testing.  Concurrently, a central
production facility and tank battery will be constructed to handle both the
Grant East # 1 production and any additional production established on the
Grant East Lease.  From spud to production start-up is anticipated to take
between 30 and 45 days in the success case.

 

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

 

"This is a significant development for the Company. More than just the Grant
East #1 well, we now have a 100% working interest in a prolific area with
permits to drill up to 3 new wells in 2022. The Grant East Lease provides NTOG
with a long-life, low-cost production opportunity with multiple drilling
locations. Most importantly, like Grant East #1, all future wells are
forecasted to be funded internally, without the need for further dilution."

 

 

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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