Business
Additional Interest At High Plains Prospect
Additional Interest At High Plains Prospect.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3002E Nostra Terra Oil & Gas Company PLC 09 May 2013 \n \n\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nHigh Plains Prospect - Additional Interest Acquired\n \nNostra Terra, the AIM oil and gas producer, building its portfolio of working interests (\"WI\") in US oil fields, is pleased to announce a progress update on the High Plain Prospect, located in Texas. Based on encouraging results, the Company has acquired additional working interest and is moving forward in the defining prospects.\n \nThe High Plains Program covers a contiguous area of 42,000 acres (66 square miles), where subsurface mapping, 3D seismic, vertical and horizontal drilling and completion technologies have successfully been applied to several different formations. The WI partners will seek to increase success rates through the application of a new \"proof of concept\". The region was noted in the US$2.85 billion purchase of Cordillera Energy Partners by Apache Corporation in January, 2012.\n \nRe-entry - Positive Results\nThe WI partners suspected that a previously drilled well, which was intended to test the concept, was mis-drilled. The first step of the current program was to re-enter the well in order to validate that the previous well had not tested the exploration model. The re-entry confirmed that the original well missed its target by a wide margin. \n \nSeismic Program Advancing \nAccordingly the WI partners are now reprocessing 35,000 acres of proprietary seismic data, integrating that with 42,000 acres of detailed subsurface mapping, and identifying other potential drill targets. The WI partners expect to identify multiple prospect areas within the Area of Mutual Interest (\"AMI\"), each of which could comprise up to 2,500 acres and each with multiple drilling locations.\n \nAdditional Interest Acquired\nNostra Terra has also increased it's working interest from 5.0% to 6.5% across the entire prospect.\n \nHighlights of the High Plains Prospect include:\n \n· Exploration component added to NTOG portfolio;\n \n· Highly experienced and respected operator-partner;\n \n· AMI area covers 42,000 acres (66 square miles); \n \n· &n...