Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

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. 

Jamie_55a91591db06b.jpg
Why Invest In Nostra Terra Oil and Gas Company plc? Read More Here

Register here to be notified of future NTOG Company articles
View full NTOG profile

Nostra Terra Oil and Gas Company plc Timeline

Related Articles

Kris Energy shows benefit of Gulf of Thailand ramp-up
February 25 2016
Average production for 2015 was up 27% to 9,692 boepd, and Kris ended the year with output of 19,000 boepd.
oilfield worker
September 22 2016
Export facilities will be back online ‘shortly’ and Eland expects to be quickly rewarded for its operational efforts during the downtime.
Hurricane Energy's drilling team on a rig at the Lancaster field, back in 2014.
June 08 2016
In stark contrast to the troubles elsewhere, a new £52mln private-equity backed funding not only feels like a big deal but also serves as a reminder of Hurricane’s game changing’ potential.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.