Business
Participating in Sixth Chisholm Well
Participating in Sixth Chisholm Well.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7426F Nostra Terra Oil & Gas Company PLC 29 May 2013 \n \n\n \nAIM: NTOG\n29 May 2013\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \n Sixth Chisholm Trail Well, Reserve Report Commissioned\n \n \nFurther Acceleration of Chisholm Trail Prospect\n \nNostra Terra, the AIM quoted oil and gas producer with assets in the USA, is pleased to announce that it has elected to participate in its sixth well in the Chisholm Trail Prospect (CT6). This commitment represents further acceleration of the play and the beginning of Nostra Terra's participation with multiple operators across 21 potential locations, targeting the same geological formation as Gastar Exploration Ltd. (NYSE: GST) (\"Gastar\"). \n \nThe sixth well will be operated by a wholly-owned subsidiary of Alta Mesa Holdings of Houston, Texas. Nostra Terra has elected to participate in a net Working Interest of approximately 5.0% in this horizontal Hunton well. Final elections in the Alta Mesa drill have not been concluded but the Company will make relevant announcements of the final Working Interest percentage and anticipated spud date, once finalised. \n \nAlta Mesa is a privately held company engaging in onshore oil and gas acquisition, exploitation and production. It maintains an inventory of holdings in the Eagle Ford Shale, Oklahoma, South Louisiana, East Texas and Hilltop area. Their Oklahoma assets are located in large oil fields with multiple pay zones at depths from less than 2,000 feet to 7,500 feet. The fields are located in the Sooner Trend area of the Anadarko Basin and were initially developed by Conoco, Texaco and Exxon. These assets are predominantly shallow-decline, long-lived oil fields originally drilled on uniform, 80-acre spacing and waterflooded to varying degrees.\n \nThe Company's fifth well on the Prospect (CT5), in which it has a 2.2% working interest, has now finished drilling and is undergoing completion and production testing. A further announcement in relation to production will be made in due course.\n \nReserve Report\n \nThe Company has commissioned a reserve report for all wells drilled in the Chisholm Trail Prospect, plus allocations for those to be drilled, and its publication is anticipated in June. Once comple...