Nostra Terra - Permian Basin - C8 Operations Update

Posted by OilVoice Press - OilVoice


Permian Basin - C8 Operations Update 

Nostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, announces that it has shut down operations at the C8 Well ("C8"), having unexpectedly encountered a high pressure inflow of salt water at approximately 2,195 ft. 

Nostra Terra decided to shut down drilling operations at the C8 Well after the drilling team encountered an unexpected high-pressure inflow of salt water at approximately 2,195 ft, several hundred feet above the main target reservoir. The C8 well was then shut in for safety reasons as NTOG's primary concern remains protection of the environment and our people. A cement plug is being set to permanently and safely abandon the well. 

Nostra Terra will use the data gathered from the C8 drilling operation and apply this when planning future wells on this lease area. The Clearfork and San Andres are currently producing formations in neighboring wells on this lease and remain the Company's targets for future drilling operations on this lease. 

Nostra Terra quickly took the decision to shut down drilling of the C8 Well before the bulk of the drilling and completion funds would need to be spent, thus minimizing exposure. Thanks to this, the Company has saved the majority of its budget for the drilling of C8, which can now be put towards drilling a subsequent well in the near future. 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. 

Matt Lofgran, Chief Executive Officer of Nostra Terra, commented: 

"Drilling operations were running smoothly including oil shows in the initial targeted formation. However, once the surge was encountered the group quickly made the decision to shut down operations for the safety of the drilling team and to limit financial exposure in order to allocate funds to other future wells. 

Although this isn't the result we were hoping for, the oil field isn't without risks. We plan for this by having a larger and carefully balanced portfolio. Our exposure is only approximately 3% of our current market capitalization. 

Nostra Terra's balance sheet remains strong and we continue to be cash flow positive at the Plc level, while still growing our production and reserves."

Nostra Terra Oil & GasPermian BasinAIM

More items from oilvoice

The Carlyle Group Acquires EnerMech From Lime Rock Partners

Acquisition will support continued global growth of energy and infrastructure services company EnerMech Group Ltd has been acquired from Lime Rock Partners by global alternative asset manager and NASDAQ listed The Carlyle Group for an undisclosed sum. The transaction is expected to close in Q4 ...

OilVoice Press - OilVoice

Posted 5 hours agoPress > Carlyle GroupAcquisitionEnerMech +4

U.S. Nuclear Plant Outages Increased in September After Remaining Low During Summer

Source: U.S. Energy Information Administration, based on U.S. Nuclear Regulatory Commission data Electric generation capacity losses as a result of U.S. nuclear plant outages were relatively low during much of the 2018 summer, averaging 2.8 gigawatts (GW) from June through August. This year's ...

OilVoice Press - OilVoice

Posted 6 hours agoOpinion > United StatesUSANuclear +4

OMV and Schlumberger Sign Memorandum of Understanding

OMV, the international, integrated oil and gas company based in Vienna, and Schlumberger, a leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry, signed a Memorandum of Understanding. The parties agreed to evaluate coll ...

OilVoice Press - OilVoice

Posted 6 hours agoPress > MOUOMVSchlumberger +1

Equinor Focuses NCS Portfolio Through Sale of Non-Core Discovery

Equinor has signed an agreement with Aker BP to sell its 77.8% operated interest in the King Lear discovery on the Norwegian Continental Shelf (NCS) for a total of USD 250 million. “This transaction is a further example of our strategy of capturing value from active portfolio management thro ...

OilVoice Press - OilVoice

Posted 8 hours agoPress > DiscoveryEquinor EnergyEquinor +6

Russia: Total Opens its New State-Of-The-Art Lubricants Oil Blending and Production Plant

Moscow, October 15, 2018 - Total has inaugurated its new state-of-the-art lubricants oil blending plant, strategically located in the Kaluga region of the Russian Federation. The grand opening ceremony took place today, October 15 th , in the presence of Anatoly Artamonov, Governor of the Kaluga ...

OilVoice Press - OilVoice

Posted 8 hours agoPress > RussiaTotalLubricant +3
All posts from oilvoice