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Nostra Terra says Paw Paw may extend beyond summer

Paw Paw is located in Big Horn County, Wyoming, and it could be host to 7.3mln barrels of oil.
Nostra Terra says Paw Paw may extend beyond summer
A delay to the programme could allow oil prices to stabilise, the company said.

Nostra Terra (LON:NTOG) has told investors the deadline for drilling at the Paw Paw project, in Wyoming, could be extended beyond this summer.

Such a delay to the programme could allow oil prices to stabilise, the company said.

The permitting process for the project is currently underway and is due to be completed within a matter of weeks, Nostra Terra said in a stock market statement.

Koch Exploration, Nostra Terra’s partner, had agreed an extension for drilling the project and the US Bureau of Land Management could possibly delay the drilling deadline even further due to wildlife protection matters.

Paw Paw is located in Big Horn County, Wyoming, and it is estimated that it could be host to as much as 7.3mln barrels of producible oil.

Matt Lofgran, Nostra Terra chief executive, said: "While our focus is on increasing cash flow and proven reserves such as the recent expansion into the Permian Basin, the Paw Paw prospect is a very attractive prospect, which could add significant reserves for relatively low cost.”

Earlier this week, on Monday, announced it had agreed to pay $3mln to acquire a 60% stake in the producing assets, which comprise 55 active vertical oil wells and have been flowing around 122 barrels of oil per day.

The acquisition is to be funded by debt and it promises to position Nostra Terra for a potential recovery in oil prices. 

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