Nostra Terra's Cypress investment reaches total depth
By Josh White
Date: Monday 16 Nov 2020
(Sharecast News) - Texas-focussed oil and gas exploration and production company Nostra Terra announced on Monday that the Cypress farm-out well at its Pine Mills oil field in the east of the state has now reached total depth.
The AIM-traded firm said that, following the spud announcement on 10 November, the well had now safely reached its planned total depth of 6000 feet in the cretaceous woodbine formation.
It said the operator was now running wireline logging suites to evaluate the target intervals, and would then select perforations and complete the well.
Nostra Terra owns a 32.5% working interest in the well, which includes a 25% carried working interest.
The company also updated shareholders on the Permian Basin in west Texas, where it signed a farm-in agreement for three conventional producing leases in the eastern shelf in September.
"The company confirms to shareholders that the transaction has closed," the board said in its statement.
"Procedures for the first recompletion are ready and contractors are being scheduled.
"It is anticipated that the operation will be complete in December."
At 1145 GMT, shares in Nostra Terra Oil and Gas Company were down 4.63% at 0.45p.
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