Irish oil exploration group Petrel Resources took flight after saying detailed modelling of Quad 35, part of its 11/4 licensing option in the Irish Atlantic Margin, indicated a potential payload of one billion barrels. As an added bonus, the targets are accessible with one well.
The Nostra Terra Oil and Gas Company enjoyed a less eye-catching gain than Petrel after it revealed the first horizontal well at the Chisholm Trail Prospect in Oklahoma has been completed and is undergoing production testing. The oil and gas producer has just a 0.47% working interest in the well. Additional wells at Chisholm Trail are in the process of being planned and permitted, and a leasing programme focused in the area is also ongoing. Once elections are received and made on the following wells, the company will make relevant announcements.
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