AIM-listed Nostra Terra Oil and Gas (NTOG) has announced that the second horizontal well in the Chisholm Trail Prospect in Oklahoma has exceeded the results of the first well by a substantial margin and exceeded the board's initial expectations.
The most recent 10 days of production averaged in at 555 barrels of oil equivalent per day. The first well averaged 258 barrels of oil equivalent per day.
In addition, the company stated that hydraulic fracturing operations had been completed on the third and fourth horizontal wells where Nostra Terra has a 12.58% and 5.31% working interest, respectively.
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Production testing is expected to begin on both wells in the coming weeks.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented: "Chisholm Trail continues to be a strong prospect. We're in the early stages of our work here and anticipate further meaningful progress in the coming weeks and months. We are focused on delivering management's target of 125 boepd, net to NTOG shareholders and believe that Chisholm Trail, along with other prospects, will be a significant contributor towards that goal."
Nostra Terra's share price rose 2.34% to 0.44p at 14:07 on Tuesday afternoon.
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