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Nostra Terra Oil & Gas Company PLC - London-based oil and gas company with operations focused in the US - Says it started drilling operations at its new, wholly-owned Grant East lease in the Permian Basin of West Texas. Says the lease consists of multiple units with a total area of 160 acres. Completes drilling and development plan consisting of eight well locations drilled 20 acres apart. The first well is expected to be drilled and completed in around seven to 10 days, and production start-up is expected to take 30 to 45 days if successful.
‘We're excited to get started so quickly at Grant East, which we believe has the potential to be a bigger contributor to the company's net production than Pine Mills where we had our recent success with the Fouke 2,’ Chief Executive Matt Lofgran comments.
Current stock price: 0.61 pence, up 8.0% on Thursday
12-month change: up 22%
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