Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Oil and gas company Nostra Terra said it had agreed to up its working interest in the Pine Mills prospect in Texas to 32.5%.
Nostra Terra said 25% of that 32.5% stake would be carried at no cost to the company.
Nostra Terra said its board had reviewed the technical data of the farmout area provided by the farminee and found it attractive.
It had in April announced a farmout, or sell-down, transaction with Cypress Minerals at Pine Mills for 80 acres, currently undeveloped, of Nostra Terra's 2,400 acres.
There was potential to drill up to five new wells within the farmout area.