Nostra Terra Oil and Gas Company PLC (AIM:NTOG, OTC:NTOGF) is now preparing for the drilling of the Fouke-3 well, after approval among joint venture partners.
The AIM-quoted firm holds a 32.5% interest in the project, where operations are expected to begin in the third quarter of 2025.
“This location, as mapped, has been estimated to contain over 300,000 barrels of oil in place and, if successful, can be produced at the maximum new field allowable rate of 124 bopd, the same rates at which each of the Fouke 1 and 2 wells initially produced,” Nostra chief executive Paul Welch said.
“Planning for this new well has commenced, and a team was in the field this week looking at potential surface drilling locations.”
At the same time, Nostra Terra told investors that four of the five Pine Mills Phase 2 well workovers are now complete.
Production from Pine Mills, presently at 90 bopd net, is expected to rise to between 100 and 135 bopd following completion of field electrical upgrades in two weeks, it said.
Also, waterflood operations in the northern area of the field have shown early promise. Two pumping units have been upsized and a third well is being fitted with an electrical submersible pump. All upgrades are funded from existing cash reserves.
Welch added: “It has been both a busy and rewarding time as we successfully increase oil production at Pine Mills to levels we have not seen since it was first acquired five years ago.
“We expect to complete the Phase 2 workover program and have all the wells online and producing ahead of the next field debt re-determination by our facility provider at the end of the quarter.”