Business
Seventh Chisholm Trail Well
Seventh Chisholm Trail Well.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2140L Nostra Terra Oil & Gas Company PLC 08 August 2013 \n \n\n \nAIM: NTOG\n8 August 2013\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nSeventh Chisholm Trail Well Testing Additional Formation\n \n \nNostra Terra, the AIM quoted oil and gas producer with projects in the USA, is pleased to announce its seventh well in the Chisholm Trail Prospect (CT7). Nostra Terra, following forced pooling, has acquired a net Working Interest of approximately 1.61% in its first horizontal well in the Mississippian Play, which intersects the Chisholm Trail Prospect. Drilling has already commenced on the well. The working interest in the CT7 well results from additional acreage recently acquired by the Company.\n \nThe Mississippian Play has been widely exploited in other parts of Northern Oklahoma and Southern Kansas. The current activity stretches from Harper County, Oklahoma, on the West to Osage County, Oklahoma, on the East and from Kingfisher County on the South, to beyond Sumner County, Kansas, on the North. Range Resources Corp. of Fort Worth, Texas, (NYSE:RRC) holds roughly 157,000 net acres in the Oklahoma portion of the Mississippian Play, where it completed 18 horizontal wells last year, four of which averaged 24-hr IP of more than 1,000 boepd, including 82% liquids. Range said that its latest production results confirm its estimate of 600 Mboe EUR, since switching to laterals longer than 3,500 ft.\n \nThe progression of drilling in the Chisholm Trail Prospect has been such that Nostra Terra now participates with multiple operators across 21 potential locations in the Hunton formation alone. Fourteen more possible half-sections remain to be drilled out of this total, targeting the same geological formation as Gastar Exploration Ltd. (NYSE: GST).\n \nCT6 is waiting to spud and additional wells are being planned and permitted by a number of operators. Nostra Terra will update shareholders of its participation in these wells once elections are made.\n \nMatt Lofgran, Chief Executive Officer of Nostra Terra, commented:\n\"With the consistent successes of each of our previous wells in the Hunton Limestone formation, the prospect has been de-risked. In previous announcements and presentations to shareholders we ha...