- Oil company Nostra Terra said it expected to up its proven reserves after a new well in Texas went into production.

The Cypress farm-out well at the Pine Mills oil field in Texas was currently producing at a steady rate of 100 barrels of oil per day, limited by pump capacity and surface equipment.

'While this rate is above expectations, given the strong performance the operator will review seeking authorisation to increase production further,' the company said.\

Nostra Terra had a 32.5% working interest in this well and any future wells in the farm-out area.

'Given the positive result of this well, the company expects an increase in its proven reserves,' it added.

'The company hasn't previously booked any reserves for this acreage or any of the additional undrilled acreage on its Pine Mills oil field.'

'The technical team is currently reviewing seismic data and logs to select the next two drilling locations. '

'When the tank battery was built for the current well, two additional 400-barrel tanks were added to facilitate future production.'

At 9:59am: [LON:NTOG] Nostra Terra Oil Gas Company PLC share price was 0p at 0.48p

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