Business
Paw Paw Prospect Update
Paw Paw Prospect Update.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3098Q Nostra Terra Oil & Gas Company PLC 26 February 2016 \n\nAIM:NTOG 26 February 2016\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nWyoming Prospect Update\n \nNostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, is pleased to provide an update on the Paw Paw prospect in Wyoming.\n \nIn December we announced the approval of an Exploratory Unit by the Bureau of Land Management, which creates numerous benefits such as a single commercial well which perpetuates all leases within the entire Unit, as well as allowing us to operate multiple leases as a single lease under a single operator. \n \nThe permitting process is underway and anticipated to be complete within weeks. An extension to drill the Paw Paw Prospect has been agreed by Koch Exploration, Inc. The extension to the agreement allows NTOG an additional several months to spud. It is also possible that the Bureau of Land Management (\"BLM\") will delay the drilling deadline even further due to the current wildlife protection measures. Should that occur, the deadline to drill could be extended beyond the summer of this year, thus allowing further time for the oil prices to stabilize.\n \nThe prospect is located in Big Horn County, Wyoming and could hold as much as 7.3 million barrels of producible oil, per Haas Engineering (3rd-party reservoir engineer). Of that total, NTOG would own as much as 5.84 million net barrels in probable and potential reserves, under the terms of the agreement.\n \nMatt Lofgran, Chief Executive Officer of Nostra Terra, commented:\n \n\"While our focus is on increasing cash flow and proven reserves such as the recent expansion into the Permian Basin, t...