Business
High Plains interest increased to 20%
High Plains interest increased to 20%.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9785F Nostra Terra Oil & Gas Company PLC 31 May 2013 \n \n\n \nNostra Terra Oil and Gas Company, plc\n(\"Nostra Terra\" or the \"Company\")\n \nNostra increases interest in the High Plains Prospect to 20%\n \nNostra Terra, the AIM oil and gas producer, building its portfolio of assets in US oil fields, is pleased to announce that it has exercised an opportunity to increase its Working Interest (\"WI\") to 20% in the High Plains Prospect, located in Texas. This has quadrupled the company's original holding. Work to define prospects is moving forward.\n \nThe Company is already engaged in the drilling of several wells in its Chisholm Trail Prospect, operated by Ward Petroleum and others. The largest potential Working Interest in those wells is also 20% but through the Forced Pooling and election process unique to Oklahoma, the largest interest obtained so far has been 12.5%, with numerous smaller participations. The State of Texas regulatory framework does not engage in Forced Pooling, which means that the Company's working interests in wells elected to be drilled in High Plains' prospects will not be reduced and will consistently be 20%.\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 been applied to several different formations. As outlined in the Company announcement of 9 May 2013. 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 \n \nAlden McCall, Chief Operating Officer of Nostra Terra, commented: \n \n\"We were certainly excited about what we learned in the reentry of the previously drilled well which led to increasing our original Working Interest from 5% to 6.5%. Moreover, we knew that some potential existed to increase beyond that level. We have now been able to quadrupled our original working interest to 20% in the overall program, the maximum that was available.\n \nToday, with this increase, we not only have the opportunity to build a healthy pipeline of drilling locations for years to come, but the exposure in...