Nostra Terra said it would undertake commercial flow testing in January 2018 for its Twin Well in Texas. It added that recent work was consistent with information received from a neighbouring operator prior to drilling.
The company continues discussions to secure a new lending facility which would enable Nostra Terra to accelerate its strategy of developing lower risk reserves using non-dilutive funds.
In anticipation of securing the new lending facility, Nostra Terra intends to initiate the permitting process for drilling a new well at one of its 24 drill-ready locations across its Permian acreage.
At 8:39am: (LON:NTOG) Nostra Terra Oil Gas Company PLC share price was +0.55p at 4.58p