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Nostra Terra Oil & Gas Co PLC said on Monday it reached total depth at its 100% owned Grant East 1 well at the Permian Basin in West Texas, US.
The London-based oil and gas company with operations focused in the US said the well reached a total depth of 3,200 feet.
Log analysis showed the well encountered the Upper Clear Fork at about 2,560 feet and the Lower Clear Fork at about 2,806 feet.
24 feet of gross reservoir section was encountered in the Upper Clear Fork and 108 feet of gross reservoir section was encountered in the Lower Clear Fork.
Chief Executive Matt Lofgran said: ‘We're pleased with the successful drilling and logging at our first well on the new Grant East Lease, which was performed ahead of schedule and under budget.’
Shares were down 3.2% at 0.61 pence on Monday morning in London after reaching a high of 0.71p earlier in the day.
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