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Pine Mills - Survey Completion and Drilling for New Well

Source: www.gulfoilandgas.com 9/17/2020, Location: North America

Nostra Terra, the oil & gas exploration and production company with a portfolio of development and production assets in Texas, USA, is pleased to provide an update regarding the new well to be drilled at Pine Mills.

Further to its RNS on 22 April 2020 in which the Company announced the farmout of an undeveloped 80 acres of Pine Mills to Cypress Minerals LLC ("Cypress"), the Company is pleased to report that progress continues towards Cypress drilling a new well. Cypress possesses 3D seismic over the area and has high-graded a location for the proposed new well. Nostra Terra has a 32.5% working interest ("WI") in the well and the 80 acres, including a 25% carried WI on the first well and the remainder at cost.

A survey has recently been completed in preparation for constructing the drilling pad. The well design has been agreed and a drilling contractor has been selected. Drilling operations are planned to commence in October.

Next, the operator is preparing to construct the drilling pad, followed by mobilizing the rig and spudding the new well.

Matt Lofgran , Nostra Terra 's Chief Executive Officer, said:
"Activity is picking up in the direct area from multiple operators. We're happy to see progress towards the new well at Pine Mills, our first based on 3D seismic data. Nostra Terra has significant working interest in the well and subsequent development and looks forward to updating shareholders as operations proceed."

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