US oil and gas producer Nostra Terra has acquired an interest in its ninth well in the Chisholm Trail Prospect in Oklahoma.
The firm has a 20% working interest in the Gant 1-22H (CT14) well – the 14th well in the prospect – which is operated by Ward Petroleum Corporation.
The well will be drilled in the first half of 2014 and target the Hunton formation at the prospect. Total drilling costs are expected to be around £2.53million.
“This is our largest participation to date in a well in the Chisholm Trail Prospect where the wells have all been excellent performers,” said chief executive Matt Lofgran.
“Nostra Terra will fund its participation in the well from the company’s recently secured £15million facility and free cash flow from existing production.
“While we’re not dependant on any single well, our production from this well is expected to have a significant impact on our net production and cash flow.”