We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Nostra Terra Oil And Gas Company Plc | LSE:NTOG | London | Ordinary Share | GB00BZ76F335 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.105 | 0.10 | 0.11 | 0.105 | 0.105 | 0.105 | 623,789 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 4.02M | -546k | -0.0007 | -1.43 | 746.52k |
TIDMNTOG
RNS Number : 8132H
Nostra Terra Oil & Gas Company PLC
03 December 2015
AIM: NTOG 03 December, 2015
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
Paw Paw Prospect - Unit Approved
Nostra Terra (AIM:NTOG), the oil and gas exploration and production company with a growing portfolio of assets in the USA and Egypt, is pleased to announce the approval of an Exploratory Unit ("Unit") within the Paw Paw Prospect by the Bureau of Land Management ("BLM") .
The BLM approved the creation of an Exploratory Unit encompassing the most highly prospective 1,280 acres within the 2,440 acre leasehold within the Paw Paw Prospect. All formations are included within the Unit.
There are numerous benefits to the creation of the Unit. Firstly, a single commercial well will perpetuate all leases within the entire Unit, effectively suspending the original expiration terms. Secondly, we will be able to operate the original multiple leases as a single lease under a single operator. This process allows for more efficient, controlled development and is an important step in creating value to the prospect.
Nostra Terra currently has a 100% working interest in this prospect, where Koch Exploration, (a subsidiary of Koch Industries, the second largest private company in the USA) retains an overriding royalty interest with the right to convert to a working interest.
In Tandem with applying for approval of the Unit we are in the process of becoming an operator in the State of Wyoming and in the process of applying for the necessary permits to drill.
As the oil markets strengthen Nostra Terra plans to sell a promoted interest to other oil companies while keeping a carried working interest and operating. A contract operator has already been working with the Company at various stages of the planning process. This allows Nostra Terra to scale up accordingly and drill larger prospects while maintaining lower overheads.
Haas Engineering (third-party reservoir engineer) has projected that the potential resource of the leased acreage could be as much as 7.368 million barrels of oil from primary and secondary recovery.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:
"This is a significant step in creating value for the Paw Paw Prospect. We're pleased to see the approval of a Unit covering a large extent of the leasehold. The potential resource estimated by the 3(rd) -party engineer further underlines the significance of this prospect."
For further information, visit www.ntog.co.uk or contact:
Nostra Terra Oil and Gas Company plc
Matt Lofgran, CEO
mlofgran@ntog.co.uk Telephone: +1 480 993 8933
Sanlam Securities UK Limited
(Nominated adviser and broker)
Lindsay Mair / James Thomas / Jamie Vickers Telephone: +44 20 7628 2200
Walbrook PR
Gary Middleton Telephone: +44 207 933 8797
Nick Rome
Glossary
`boe' means barrels of oil equivalent: a unit of energy based on the approximate energy released by burning one barrel (42 US gallons or 158.9873 litres) of crude oil.
`boepd' means barrels of oil equivalent per day
'mcfd' means Thousand Cubic Feet per Day
'NRI' means Net Revenue Interests
'WI' means Working Interest
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCPKBDPDBDBFBK
(END) Dow Jones Newswires
December 03, 2015 02:00 ET (07:00 GMT)
1 Year Nostra Terra Oil And Gas Chart |
1 Month Nostra Terra Oil And Gas Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions