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Was this the big news you guys couldn't talk about or is there more to come? See Randy has disappeared from contact list again!
Big news still to come, but this will do for a starter.. Yes, also noted RC didn't do the RNS.. Make your own mind up on that ;-))
Stuy - spot on. However, whatever is brewing in the background this news today will mean Northcote is profitable, mAIM like cash and profits - and wait for it - just one workover well is responsible. Bring on the additional gaseous workovers! With all that is rumoured, Northcote will be on quite a few radars very soon. This is unfolding very nicely.
Wow! Am I right in thinking this is just from one work over? IMO The new SC work over programme should see around 15-28 work overs.. At last a good start to the day..
Yes; always read the small print Stuy, lol So just ONE workover, costing around $80-90K - will return around $3.8M net to NCT share. It's a massive achievement. RNS today: "LM#14 is expected to increase Northcote’s current net production at Shoats Creek by over 450% (Northcote has a 70% working interest and 52.8% net revenue interest in LM#14)"
It is promising news. We are owed some good news at some point that will reflect on the sp. That will be a very good day.
peterz - a very good start to some other company changing news imo
LSE is showing NCT down 16.67%........but L2 is a very blue picture : ) So it should be with this news.....
Good to see they have got the recoverable oil and gas numbers out at last. As usual most of the pertinent information is missing and the usual misleading headline figures are used. What are the production costs for the gas? Vague customary charges, what are these? $450000 to install the gas lines, how is this to funded? What is the lifespan of the well? How much are each of these 5 additional zones going to cost to perforate is it $80k each time?
Very good rns. On way from here... Up!
"As the LM #14 demonstrates, there are multiple existing well bores with tremendous potential for low cost near term revenue generation that could not be previously exploited without having the ability to monetise natural gas. " Self funding for future low cost workovers : )