Oil and gas firm Nostra Terra has updated on its operations as it moves towards drilling its first horizontal well in the Permian Basin.
Net production has increased to 111 bopd (barrels of oil per day) for the first five months of 2019, with production from existing operations expected to increase for the remainder of the year.
Preparation for first the Mesquite play' horizontal well is progressing as planned.
The arbitration process on Nostra's Egyptian asset East Ghazalat is ongoing with a ruling expected near the end of July. The company is in dispute with the operator North Petroleum.
Matt Lofgran, CEO of Nostra Terra, said: 'We're making good progress in all areas of our portfolio. Production from existing assets in the USA are even better than 2018, this being prior to drilling any new wells.
'We're preparing to drill new wells in the Permian Basin in an exciting area where we're surrounded by nearby production on all four sides. Lastly, we are getting closer to a resolution at East Ghazalat.
'We anticipate the coming weeks and months to increase in activity and we look forward to communicating progress with our shareholders.'
At 8:14am: (LON:NTOG) Nostra Terra Oil Gas Company PLC share price was 0p at 1.8p