Nostra Terra’s core asset is a 100% working interest in the Mesquite oil asset located on the Eastern Shelf of the Permian Basin.
Independent E&P consultant Trey Resources Inc., has estimated that the existing acreage at Mesquite could be fully developed with a horizontal drilling programme consisting of up to eight wells with the potential to generate a Net Present Value (NPV) of US$28m for the project upon completion.
Nostra strengthened its position regarding Mesquite with the successful completion of a placing to raise £1.15m (gross) of new equity in late February 2019 with which to fund ongoing Mesquite farm-out activities.
Nostra’s potential growth is underpinned by existing group production from the Pine Mills asset in East Texas, in addition to existing production wells in the Permian Basin from the three initial acquisitions, providing valuable revenue and cash flow to the Company.
We see the scope for sustained profitable growth, throughout many well-established hydrocarbon systems such as the Permian Basin, as virtually unlimited.
Our business model is to continue upgrading our exploration and production portfolio by identifying, screening and investing in a diverse pipeline of upstream assets, targeting the most attractive established hydrocarbon areas.
Most of them will be exploited by drilling and completing horizontal wells in formations that these techniques have not been widely applied, in order to achieve maximum value potential.