Business
Acquisition in Permian Basin
Acquisition in Permian Basin.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6686P Nostra Terra Oil & Gas Company PLC 22 February 2016 \n\nNOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES.\n \nAIM:NTOG 22 February 2016\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nPermian Basin Acquisition\n \nNostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, is pleased to announce the acquisition of producing assets in the Permian Basin of New Mexico from Alamo Resources II, LLC.\n \nHighlights\n \n· Significant increase in production and reserves\no Total proved (1P) reserves 2,655 Mbbl of oil and 553 MMcf gas as at 1 October 2015, 1,648 Mboe attributable to NTOG\n· Permian Basin with stacked pay\n· Shallow (~2,000') conventional oil\n· Lifting cost approximately $17 per barrel\n· Significant amount of upside available from proven (1P) reserves not currently producing (currently less than 20% producing)\n· 100% Operated, 100% Held By Production \no 2,880 gross (2,732 net) acres\no NTOG will be the operator\no Operator fully controls development pace and costs\n· Steady, predictable PDP production base\no 55 active vertical producing wells and 12 active injector wells\no Nov 2015 average production of 122 bopd gross (92 bopd net)\no Shallow declines\n· Total Net Proven (1P) Reserves of 2.7 million boe (99% oil), 1.65 million attributable to NTOG\no Multiple low cost, low risk optimization opportunities\no 6 behind-pipe recompletions/re-stimulations/workovers/return-to-production cases\no 3 water flood projects in various stages of development surrou...