- Oil company Nostra Terra said further work at a new well in Texas indicated the oil was closer to the surface that previously anticipated.

Logging work had been completed at the Cypress farm-out well at the company's Pine Mills oil field.

The logs had indicated around 20 feet of clean Woodbine Sand, structurally elevated from the offset well, which was oil-bearing throughout in the offset well.

Casing has been run and cemented, securing the well for perforating and running a completion.

'The fact that the 20-foot thick Top Woodbine Sands target came in higher on the structure than anticipated - and 37 feet higher than in the offset well - is clearly a positive as any hydrocarbons in the Woodbine that sit at depths between Top Woodbine in the Cypress well and Top Woodbine in the offset well should only be accessible from the Cypress well,' Nostra Terra said.

'As such, the impact of this well on oil in place and PUD's (additional proven locations) is currently under evaluation.'

'We shall update the market further once this analysis has been concluded by integration of the new well and 3D seismic volume.'

At 8:56am: [LON:NTOG] Nostra Terra Oil Gas Company PLC share price was 0p at 0.48p

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