LONDON (ShareCast) - (ShareCast News) - Oil and gas company Nostra Terra on Thursday announced new plans to drill back to back wells at its Permian Basin acreage in Mitchell County, Texas.
The wells, which will be funded using existing resources and facilities, are being built back-to-back to increase the pace of development following the positive results that the company has seen at the Twin Well, also on the Permian Basin acreage.

Matt Lofgran, chief executive of Nostra Terra, said: "Last year we were able to drill one well on our Permian Basin leases. This year we plan to drill three or more. Having already become cash flow positive as a business, any additional production we are able to add to our portfolio has the potential to add significantly to our bottom line."

Nostra Terra will have a 53.25% interest in the first well, which is to be drilled on the same lease as the Twin Well, and a 73% working interest on the second well in the same area.

Both will target the Clear Fork formation and are hoped to present similar economic profiles to the Twin Well which saw an average production of 58 barrels of oil per day in the 30 days leading up to 9 April.

As of 1509 BST, Nostra Terra's shares were up 2.88% at 3.58p.

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