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Drilling Rig Contracted for Pine Mills farm-in

Source: www.gulfoilandgas.com 10/8/2020, 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 announce, further to the Company's RNS on 17 September 2020, that Cypress Minerals LLC ("Cypress"), has entered into a contract for the provision of a drilling rig for the new well to be drilled by Cypress at the Company's Pine Mills oil field.

The rig is currently operating nearby, after which it will mobilised to Pine Mills. The primary target formation is the prolific Woodbine Sand that is one of the main producers in the region. The well will also evaluate several other known overburden formations.

Construction on the drilling pad is anticipated to begin in the coming days and permitting to follow shortly thereafter. It is expected that drilling operations will commence in the coming weeks and last approximately 10 days. Nostra Terra owns a 32.5% working interest ("WI") in the planned well, which includes a 25% carried WI and the remainder at cost.

Matt Lofgran , Nostra Terra 's Chief Executive Officer, said:
"We're delighted to see the progress Cypress is making and look forward to spudding the new well in the coming weeks. We're encouraged by the successful wells that have previously been drilled that offset both sides of the new planned well, further high-graded by 3D seismic data.

Nostra Terra has a significant interest in the new planned well and associated acreage. A successful well could increase reserves and, more importantly, near and long-term cashflow for the Company."

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