LONDON (ShareCast) - (Sharecast News) - Oil and gas exploration and production company Nostra Terra announced a 276% increase year-on-year in its proved and probable (2P) oil reserves on Thursday, to 2,429,660 barrels of oil.
The AIM-traded firm said the reserves covered its assets at Pine Mills in East Texas, and its Permian Basin assets in West Texas, including the Mesquite asset.

It said total proved and probable future net income (FNI) was now estimated to be $58.65m, while its net present value at a 9% discount (NPV9) was estimated at $23.93m.

Net proved reserves (1P) were 764,030 barrels of oil, with the increase there primarily due to the drilling and development of existing Permian Basin assets during the first half of 2018.

Net probable reserves, meanwhile, totalled approximately 1,665,630 barrels of oil, with that increase attributable entirely to Mesquite.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE