Nostra Terra Oil & Gas (LON:NTOG) has updated investors on its accelerating drill programme on the Chisholm Trail play, in Oklahoma.
Production testing has now begun on the seventh prospect following a successful multi-stage frack, it revealed. The company has a 1.6% stake in the well, which is operated by Hinkle Oil & Gas.
The company has also decided to participate in three more wells – its eighth, ninth and tenth – in the play.
Meanwhile, work on the Tharp 2-26H well, the company’s sixth project, has been delayed because the operator decided to expand the size of the leased area and create a larger drilling unit.
"The first five Chisholm Trail wells have consistently outperformed management's original expectations,” chief executive Matt Lofgran said.
“The 10th well, operated by Gastar, now represents the fifth different operator we're engaged with in the play, further diversifying our portfolio.
“We're very excited to see that the existing prospect has been de-risked through successful and consistent well outcomes, and are seeing another formation being tested that could potentially double the number of wells within the prospect.
“We're pleased to see activity picking up again, where we now have multiple wells in various stages of planning, drilling, and producing."
Nostra Terra will have a 2% stake in its eighth well which is operated by Stephens Production Company and is currently underway.
The ninth prospect is also being drilled at the moment. It is operated by Husky Ventures and Nostra Terra is taking a 7.375% stake.
The tenth well is currently in the planning and permitting stage. Nostra Terra will have a 1.875% stake in the Gastar led venture.