- Nostra Terra Oil and Gas Company said a report on the Mesquite assets in the US Permian Basin indicated it could hold around 2.4m barrels of recoverable oil.

Initial results from a engineered economics report also estimated that the field had a $21.6m net present value at current strip pricing.

Per well economics, based on 160-acre spacing, indicated an internal rate of return of 34% at current strip pricing and well drill and completion cost of $2.9m.

'We're very excited to have such strong confirmation of the potential of the Mesquite asset,' chief executive Matt Lofgran said.

'The Report we received from Trey has helped us build a compelling investment case for Mesquite.'

'We are especially encouraged by the NPV estimates and potential IRRs.'

'The base case is built on conservative numbers and demonstrates a clear path to substantial value for a company of our size.'

'Now that we have the field development plan based on initial assessment we will open discussions with potential partners, with a view to realizing considerable value at Mesquite.'

At 8:07am: [LON:NTOG] Nostra Terra Oil Gas Company PLC share price was +0.25p at 2.95p

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