Way to be building the company, reducing risk and not getting too big too quickly. Expect slow solid increase of SP over the coming months. Be interesting how the strategies between NCT, NTOG, LGO AND MAGP compare over the next 12 to 24 months.
Deal of the day: Northcote Energy closed in on its target to produce 100 barrels of oil a day in Oklahoma. Production at its recently acquired OKE Project has tripled to 37 barrels a day from existing wells. Full results from two fracks and production results from newly drilled wells across its portfolio are expected soon. The shares edged 1% higher to 1.575p on AIM.
Looking forward to BH2 info soon and dates of fracks on horizon and mathis. Appear to be fracking 2 a quarter, hopefully complete and have results on 6 horizon and 2 mathis wells by financial year end. IF results similar to BH1 no reason not to be hitting over 600 boepd by March 14. When results come back from the next 2 fracks (mathis/horizon hopefully frack soon july/aug with results possibly due Oct) I would be very suprised if this share price does not start seriously moving upwards!!!
Looks like gross revenue to OKE has increased from $12,000 per month to $35,000 per month. That means the $150,000 cost for the work over programme will be fully recouped in about 7 months - not a bad payback!
Also means that BlueRock royalty will be paid down by about $200,00 over the next 12 months so good news on that front too!
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