LONDON (ShareCast) - (ShareCast News) - Nostra Terra, the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, has announced on Thursday that its Texas-based well had been "successfully" drilled and logged with evidence of oil in all of the target formations.
The well, located in the Permian Basin, Mitchell County, Texas, was drilled to a total depth of 3,200 feet, encountering the Upper San Andres, Lower San Andres, Glorietta, Upper Clear Fork, Middle Clear Fork, and Lower Clear Fork Formations.

The well also intersected over 113 feet of gross oil pay in aggregate across the targets.

Nostra further announced that the well reached the bottom-hole target as planned, and that drilling was successfully completed on time and below budget.

Matt Lofgran, chief executive officer of Nostra Terra, commented: "We're very excited for the successful drilling and logging of the Twin Well. We encountered each of the target oil-bearing formations that are productive in the area, including all those seen in the original well drilled by the neighboring operator.

"In addition to this well, Nostra Terra has numerous proven undeveloped drilling locations already leased in the same area. We'll seek to grow production and reserves significantly both in the Permian Basin, and other areas of our portfolio."

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