Nostra Terra Oil and Gas (LON:NTOG) announced that a well at one of its projects in Texas has been put back into operation, allowing it to increase production and revenues.
The Agnello No.1 horizontal well, which is targeting the Vintage Hills prospect in the Giddings field in Texas, is now back in production following a successful workover operation, the US focused oil firm said this morning.
The operator of the Giddings field New Century Exploration decided to conduct the workover and install a larger compressor after the well experienced plugging in the lateral section.
Nostra Terra has also provided an update from its operations at the producing Woodlawn field in Texas, saying that the initial well targeting the Nesbitt prospect is moving towards completion.
Both the Giddings and Woodlawn fields are operated by New Century Exploration. Nostra Terra holds working interests (WI) of 1 percent and 3 percent in Vintage Hills and Nesbitt respectively.
“We are happy to add production and income flow but our focus going forward is on larger deals that will have a bigger impact. Our current prospects are fully-funded and we have cash available for acquisitions,” said chief executive of Nostra Terra Matt Logfran.
Nostra Terra is looking to buy additional acreage to expand the scale of its operations and increase its revenues.
On Monday, Nostra Terra reported that the initial well at its Verde prospect in south-eastern Colorado has been drilled ahead of schedule and was recommended for completion based on positive log data.
Shares in Nostra Terra rose 1 percent to 0.53 pence on the news, giving it a market cap of £10.3 million.