Nostra Terra – the UK listed independent oil and gas firm – confirmed the permitting process for the Paw Paw prospect in the Wyoming, US should be completed “within weeks. and said it has secured more time to drill a well at the project.
An extension to drill the Paw Paw Prospect has been agreed by Koch Exploration, allowing Nostra Terra an additional several months to spud.
Nostra Terra owns 100% of Paw Paw, located in the Big Horn Basin in Wyoming. It is focused on securing the necessary permits to allow a well to be drilled on the prospect, which the company expects to receive imminently.
The company may also benefit if the Bureau of Land Management delays the drilling deadline even further due to the current wildlife protection measures.
Should that occur, the deadline to drill could be extended beyond the summer of this year, allowing further time for the oil prices to stabilise, the company said.
Chief executive Matt Lofgran, said: “This extension and the possible future extensions allows us to increase further exposure to upside with minimum capital exposure for our shareholders.”
Paw Paw is thought to hold up to 7.3 million barrels of oil, which, if extracted, would see 5.8 million barrels attributable to Nostra Terra.