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Nostra Terra said leasing at its Mesquite asset in Texas had been completed and that a permitting process was now underway.
The target area covered over 30,000 acres in the Permian Basin of which Nostra Terra now had about 2,000 acres, within which a 160-acre standalone lease was surrounded by production wells on all four sides.
'The lease provides the company and potential partners with the opportunity to drill a minimum of two horizontal wells, each with approximately a half-mile lateral within formation, or approximately eight vertical wells based on 20 acre spacing, in a single formation,' the company said.
'Additional wells could be drilled in other formations.'
Drilling permits were expected to be received in the 'coming weeks', Nostra Terra said.
At 9:21am: (LON:NTOG) Nostra Terra Oil Gas Company PLC share price was +0.05p at 1.25p