With news due in December time to look at Nostra Terra?
“…After initial results from that well we received multiple unsolicited offers to drill on our acreage…”
AIM tiddler Nostra Terra has been using its time diligently during the lockdown of 2020 building an asset base that focused more on improving both its reserves and production. This year Nostra Terra, signed a farm-out agreement at Pine Mills, acquired a new producing asset at Caballos Creek, and signed a farm-in agreement to a new asset in the Permian Basin, with the aim to increase production and reserves during 2020 and into 2021.
On Tuesday Nostra Terra gave their latest progress report announcing, their well has been drilled and the logging completed at the Cypress farm-out well at the Company’s Pine Mills oil field, here at TMS we caught up with the company to learn more about the latest developments…
Commenting on the success, Matt Lofgran CEO of Nostra terra said “A neighboring operator drilled a well adjacent to us wrestling in a solid performance, with good economics. After initial results from that well we received multiple unsolicited offers to drill on our acreage, ultimately signing an agreement with Cypress Minerals. The goal was to use 3D seismic and drill higher on the structure, meaning more reserves. The results of the well from the logs were far better than expectations. The goal was to get 20 feet higher on the structure but the well ended up being much better at 37 feet higher. We’re all very happy with that and look forward to completing the well in December.”
Logs indicate circa 20’ of clean Woodbine Sand, structurally elevated from the offset well. The Woodbine Sand is oil-bearing throughout the offset well, Casing has been run and cemented, securing the well ready for perforating and running the completion. Perforation intervals are now being selected.
As some normality appears to be returning, and as the price of Oil looks suitably reinvigorated, it could be a good time to position in Nostra Terra for the pending value creation ahead.
Click here to hear Doc Holiday catch up with Non Exec Chairman Dr Stephen Staley and why this whole project was so appealing, what was the attraction for joining the Team, and why he thinks the opportunities are actually greater with smaller operators than the “Big Boys”
In this edition of “Futures in Focus,” Bloomberg’s Abigail Doolittle reflects on the wild year for the oil market and why the Oil Market is showing stronger signs.
The author was not remunerated for this article and does not hold stock in the above company