Business
Boxberger A#5 Well
Boxberger A#5 Well.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n NOSTRA TERRA OIL AND GAS COMPANY PLC\n (\"Nostra Terra\" or the \"Company\")\n TIDM: NTOG\n\n Boxberger A#5 Well\n\n\n30 October 2009\n\nFurther to the hydrocarbon discovery on the Boxberger property announced by\nNostra Terra on 13 October 2009, the Company is pleased to announce that the two\nnewly discovered zones in the Boxberger A#5 Well (the \"Well\") have now been\nswabbed and sufficient oil has been extracted to determine that the Well will be\ncommercially viable.\n\nAs originally planned, the Company will now swab two other zones in the Well,\ntargeted by the Company prior to the recent hydrocarbon discovery in Boxberger\nA#5. These two zones are known to have high oil saturations. Once completed,\nproduction equipment will then be sized and the Well will be put into production\nwhich is expected, weather permitting, within the next 10 business days. Once\nproduction has been established, initial flow-rates will be announced and will\nbe updated once they have stabilised at normal production levels.\n\nThe Well is Nostra Terra's initial production well on the Boxberger property.\nThe Company has an interest in a total of eleven wells on that property,\nincluding at least one salt water disposal well. Nostra Terra anticipates\nbringing the remaining wells into production using cash flow from production\noperations.\n\nReserves will be updated in the future to reflect fieldwork and production\nactivities.\n\nNostra Terra currently holds a 75% working interest before payout and 50% after\npayout of the Boxberger wells in Russell County, Kansas. Hewitt Petroleum, Inc.\n(HPI) holds the remaining interest.\n\n\"We are happy to have our first well coming into production and look forward to\nbringing on additional wells soon after,\" said Matt Lofgran, CEO of Nostra\nTerra.\n\n\nThe technical information in this announcement has been prepared and approved\nfor release by W. A. Alexander Jr. of W. A. Alexander, Jr. Oil & Gas Consulting.\nHe is a qualified person as defined in the Note for Mining and Oil & Gas\nCompanies, June 2009, of the London Stock Exchange.\n\nFurther announcements on progress at the properties will be made in due course\nand are available automatically by email to those who register at\nwww.ntog.co.uk.\n\nFor further information contact:\n\nNostra Terra Oil and Gas Company plc Tel: +1 480 993 89...