Nostra Terra announced that its Grant East #1 well, in the Permian Basin, West Texas, has reached total depth (TD) which sent shares to rise 7% to 0.68p in early morning trade on Monday.
Nostra Terra is a global oil and gas exploration and production business with production and development assets in Texas.
The group announced the successful drilling of its Grant East #1 well in the Permian Basin, located in West Texas, which has reached its total depth.
Grant East #1 achieved a total depth of 3,200 ft, just below the Clear Fork Formation, according to Nostra Terra, following the spud announcement on May 3rd.
The Upper Clear Fork was encountered at approximately 2,560 ft, and the Lower Clear Fork was encountered at around 2,806 ft, with 24 ft of gross reservoir section in the Upper Clear Fork and 108 ft of gross reservoir section in the Lower Clear Fork, according to log analysis.
This well compares favourably to the NTOG-operated Grant #5 and #6 wells on an adjacent lease to the west.
Throughout both pay intervals, the well has been cased and cemented. The perforations have been chosen, and a fracture stimulation programme has been created, with the procedure slated for later this week.
The tank battery’s construction has begun and the well will be placed into production after it is completed. Nostra Terra is the operator and has a 100% operating stake.
“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,” said Matt Lofgran, CEO of Nostra Terra.
“We’re looking forward to completing the well and updating shareholders on its production performance in due course.”