Nostra Terra increases working interest at Pine Mills
Oil and gas exploration and production company Nostra Terra updated the market on the farmout of a portion of Pine Mills in Texas on Monday, confirming it had chosen to increase its working interest in the farmout area to 32.5%, of which 25% was carried at no cost to it.
The AIM-traded firm said its board had reviewed the technical data of the farmout area provided by the farminee, and found it attractive.
It also reported “continued positive engagement” with Washington Federal Bank, over a potential increase in the size of its facility.
Nostra Terra said there was scope for a further increase in production in remaining acreage, as well as potential for the farmout of additional undrilled acreage.
“Given the board's extensive background in geology and geophysics I am pleased that the review of the asset, in particular the 3D seismic data, was very favourable,” said chief executive officer Matt Lofgran .
“We're happy to see the quick progress Cypress is making and look forward to seeing the well drilled and the potential increase in revenue.”
At 1055 BST, shares in Nostra Terra Oil and Gas Company were up 18.75% at 0.48p.