Nostra Terra Oil & Gas reports on Texas total net proven reserves

Nostra Terra Oil & Gas' shares are up more than 5% on confirming its total net proven reserves of oil across its Texas assets were 481,350 barrels of oil (481.35 Mbbl).

The oil and gas exploration company said this included 285Mbbl of net proven reserves at Pine Mills, and 196Mbbl of net proven reserves at the Permian Basin assets.

It added that the NPV10 valuation assigned to these reserves was $4.57m. Of this, $3.53m was assigned to Nostra Terra's 87.5% stake in Pine Mills, and $1.04m to its Permian Basin assets.

Nostra Terra also said that further increases were expected to net proven reserves and NPV valuation on completion of foreclosure proceedings to take Nostra Terra's working interest in Pine Mills to 100%.

At 14:23 GMT, shares in Nostra Terra were up 5.32% to 2.48p each.