Nostra Terra Oil & Gas increases stake in High Plains

Nostra Terra Oil & Gas, the AIM-listed oil and gas producer, has exercised an opportunity to increase its working interest to 20% in the High Plains Prospect, located in Texas.

Nostra Terra Oil & Gas, the AIM-listed oil and gas producer, has exercised an opportunity to increase its working interest to 20% in the High Plains Prospect, located in Texas.

This has quadrupled the company's original holding and the company said that it is already engaged in the drilling of several wells in its Chisholm Trail Prospect, operated by Ward Petroleum and others.

The largest potential working interest in those wells is also 20% but through the forced pooling and election process unique to Oklahoma, the largest interest obtained so far has been 12.5%, with numerous smaller participations.

The High Plains Program covers a contiguous area of 42,000 acres (66 square miles), where subsurface mapping, 3D seismic, vertical and horizontal drilling and completion technologies have been applied to several different formations.

The group said that the working interest partners would seek to increase success rates through the application of a new proof of concept. The region was noted in the $2.85bn purchase of Cordillera Energy Partners by Apache Corporation in January, 2012, the company added.

Alden McCall, Chief Operating Officer of Nostra Terra, commented: "We were certainly excited about what we learned in the reentry of the previously drilled well which led to increasing our original working interest from 5% to 6.5%. Moreover, we knew that some potential existed to increase beyond that level. We have now been able to quadrupled our original working interest to 20% in the overall program, the maximum that was available."

Nostra Terra Oil & Gas' share price was up 4.04% to 0.52p at 08:55 on Friday.

MF

Recommended

Get healthy returns from these three healthcare stocks
Share tips

Get healthy returns from these three healthcare stocks

Professional investor Paul Major of the BB Healthcare Trust highlights three of his favourite healthcare stocks.
25 Oct 2021
Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021

Most Popular

Properties for sale for around £1m
Houses for sale

Properties for sale for around £1m

From a stone-built farmhouse in the Snowdonia National Park, to a Victorian terraced house close to London’s Regent’s Canal, eight of the best propert…
15 Oct 2021
How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
Emerging markets: the Brics never lived up to their promise – but is now the time to buy?
Emerging markets

Emerging markets: the Brics never lived up to their promise – but is now the time to buy?

Twenty years ago hopes were high for Brazil, Russia, India and China – the “Brics” emerging-market economies. But only China has beaten expectations. …
18 Oct 2021