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Nostra Terra Oil & Gas Co PLC - London-based oil and gas company with operations focused in the US - Temporarily abandons its Grant East 1 well in the Permian basin in West Texas. The company explains it had made several attempts to isolate the deeper water producing horizons from the shallower oil zones but said these attempts were unsuccessful. As a result, the well is suspended until a decision is made on what do to with the existing wellbore.
Chief Executive Matt Lofgran says: ‘The results of the Grant East 1 are unfortunate, but the information obtained is very important. There are still 15 viable drilling locations within the Grant East Lease and the information obtained from the Grant East 1 well will be used to improve and optimise future completions.’
Current stock price: 0.50 pence, down 11% in London
12-month change: up 16%
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