Nostra Terra shares (LON: NTOG) have surged 45% on Thursday after the oil and gas company revealed for the new well to be drilled at Pine Mills.

A survey in preparation for constructing the drilling pad has been completed. The well design has been agreed and a drilling contractor has been selected. Drilling operations are planned to commence in October.

“Activity is picking up in the direct area from multiple operators. We’re happy to see progress towards the new well at Pine Mills, our first based on 3D seismic data. Nostra Terra has significant working interest in the well and subsequent development and looks forward to updating shareholders as operations proceed,” said Matt Lofgran, Nostra Terra’s chief executive.

Shares in the oil and gas company also rose 8% earlier this week after the company said it has completed the acquisition of the Caballos Creek oil field in Texas.

“Nostra Terra has acquired another asset that is immediately accretive, adding significant cash flow to the company, achieved with non-dilutive financing. The board is planning further growth in a similar fashion during the remainder of the year. We look forward to providing further updates in the future,” when announcing the news.

Nostra Terra shares (LON: NTOG) are currently trading +44.55% at 0,40 (0937GMT).