Business
Partner Approval for Fouke 3 Well
Partner Approval for Fouke 3 Well.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n\n3 April 2025\n \nNostra Terra Oil and Gas Company Plc\n(\"Nostra Terra\" or \"the Company\")\n \nPartner Approval for Fouke 3 Well\n \nOperational Update\n \nNostra Terra (AIM: NTOG), the international oil and gas exploration and production company focused on its Pine Mills producing asset in Texas, USA, is pleased to provide the following update.\n \nHighlights\n \n· Working interest partner has agreed on a location to drill the Fouke 3 well (32.5% NTOG), with planning ongoing and operational work likely to commence in Q3 2025.\n· Four of the five Pine Mills Phase 2 well workovers are now complete.\n· Total Company oil production is currently averaging ca.130 bopd net.\n· Production from Pine Mills, currently at 90 bopd net, is expected to increase to between 100 and 135 bopd net on completion in a fortnight following field electrical upgrades.\n· Encouraging results seen from the waterflood restart where two pumping units have been upsized to handle increased fluid flow in the north of the field.\n· An additional Electrical Submersible Pump (\"ESP\") has been ordered to handle increased volumes in a third well in the north of the field.\n \nPaul Welch, Nostra Terra's Chief Executive Officer, said:\n \n\"Our partner in the Fouke area, Cypress Operating Co., has agreed to drill a third development well at the location proposed by our technical team. This location, as mapped, has been estimated to contain over 300,000 barrels of oil in place and, if successful, can be produced at the maximum new field allowable rate of 124 bopd, the same rates at which each of the Fouke 1 and 2 wells initially produced. Planning for this new well has commenced, and a team was in the field this week looking at potential surface drilling locations. We look forward to working with our partner to get this well drilled as soon as practically possible.\"\n \n\"Additionally, our Phase 2 workover program continues to progress with a workover rig now on the last well of the 5-well program. Production from Pine Mills is expected to increase to between 100 and 135 bopd net on completion in a fortnight following field electrical upgrades.\"\n \n\"We are also starting to see volumes...