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Twin Well, Lending Facility & New Well
Twin Well, Lending Facility & New Well.
About this update from Buccaneer Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2864A Nostra Terra Oil & Gas Company PLC 27 December 2017 \n\n27 December 2017\n \nNostra Terra Oil and Gas Company plc\n(\"Nostra Terra\" or the \"Company\")\n \nCompany Update\nTwin Well, Lending Facility & New Well\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 update on the completion of its well located in Mitchell County, Texas in the Permian Basin, (the \"Twin Well\"), its continuing discussions to secure a new Senior Lending Facility and the permitting for a new planned well. \n \nPermian Basin - Twin Well\n \nIn November the Twin Well was successfully drilled and logged, intersecting more than 113 feet of gross oil pay in aggregate across the target objectives. In addition, logging indicated potential commercial quantities of pay below the main target zone in the Lower Clear Fork Formation.\n \nThe completion operation is underway. A Radial Cement Bond Log was run from total depth to surface, with the log indicating good cement through the prospective zones of interest. The Twin Well is consistent with information that Nostra Terra received from a neighbouring operator prior to drilling. This data was used to plan the completion process and the Company is encouraged by the results. The next steps of the completion process, including commercial flow testing, are scheduled for the beginning of January. \n \nSenior Lending Facility\n \nAs previously announced, the Company is in the process of securing a new Senior Lending Facility. On securing the Senior Lending Facility this would allow Nostra Terra to accelerate its strategy of developing its lower risk reserves at Pine Mills and across its Permian Basin acreage using non-dilutive funds. \n \nFollowing the recent update of the Company's Reserves Report by APN Energy (the \"Report\") (see RNS 07 December 2017), this confirmed a 38% increase in Nostra Terra's net proven reserves (1P) at Pine Mills. Nostra Terra has submitted the Report to one of the banks (the \"Bank\") it is in discussions with concerning a Senior Lending Facility. The Bank has now confirmed it has sent the Report to its underwriting team. This is the final step of the process prior to approval from the Bank.\n \nA fur...