Nostra Terra brings operations in-house with new Dallas office

The oil and gas exploration and production company said the move to open the new office was due to an anticipated increase in operating activity in the Texan Permian Basin in 2019 because of the company’s acquisition and development of the Mesquite Prospect.

As such, the company is increasing its in-house operational capabilities having previously outsourced many of its operational and business development functions in a flexible approach that enabled the AIM-traded company to manage costs as it grew.

Matt Lofgran, chief executive of Nostra Terra, said: "As we enter 2019, Nostra Terra is well positioned to execute the next phase of its growth strategy. We expect to receive the engineered economics report of the Mesquite Field development plan by mid-January. Assuming this is in line with our expectations, it is important that we prepare the company to move quickly to take advantage of this."

Lofgran added that there is "a great deal" of regional competitive interest in opening new plays in the Permian Basin, and so it is the right time to increase Nostra Terra’s in-house capabilities.

Nostra Terra’s shares were up 4.08% at 2.55p at 1331 GMT.