7 Jan 2015 07:00
Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector: Oil & Gas
7 January 2015
Northcote Energy Ltd ('Northcote' or 'the Company')
Managing Director Interview on BRR Media
Northcote (AIM: NCT), an onshore US oil and gas exploration and production company, is pleased to provide shareholders with the opportunity to listen to an interview with Northcote Energy Managing Director Randy Connally. In the interview, Randy Connally describes how:
· Conventional oil prospects in Oklahoma and Louisiana remain attractive at oil prices sub $40 per barrel and are currently being prioritised for development
· Unconventional projects requiring horizontal drilling or fracking will be held until the price environment is improved
· Operational changes in Oklahoma have been undertaken and are expected to result in improved sustainable production levels and operating margins
· A workover rig has been acquired which will bring costs in-house and allow for an ongoing roll out of its existing well workover programme
· Northcote is implementing an ongoing cost cutting campaign and is evaluating and planning non-core asset sales as part of its capital strategy
· Further details of the Company's 2015 programme will be provided in due course
Northcote CEO Randy Connally said, "While the current oil price environment is less than ideal, the depth and breadth of our portfolio gives us flexibility in managing this environment for a sustained period if necessary. Our conventional oil prospects hold up well with many of them meeting our threshold 20% IRR target at prices well below $40 per barrel."
To listen to the interview, please follow this link: www.brrmedia.co.uk/event/133358 The interview will also be available on the Company's website today.
* * ENDS * *
For further information visit www.northcoteenergy.com or contact the following:
Randy Connally | Northcote Energy Ltd | +1 214 550 5082 |
Ross Warner | Northcote Energy Ltd | +44 7760 487 769 |
Dan Jorgensen | Northcote Energy Ltd | +44 20 7024 8391 |
Roland Cornish | Beaumont Cornish Ltd | +44 20 7628 3396 |
Jerry Keen | Shore Capital Stockbrokers Limited | +44 20 7408 4090 |
Bidhi Bhoma | Shore Capital Stockbrokers Limited | +44 20 7408 4090 |
Stefan Olivier | Cornhill Capital Limited | +44 20 7710 9618 |
Hugo de Salis | St Brides Media and Finance Ltd | +44 20 7236 1177 |
Elisabeth Cowell | St Brides Media and Finance Ltd | +44 20 7236 1177 |
Notes:
Northcote Energy Ltd is a producing oil & gas company with a portfolio of US exploration and production assets principally focused in Osage County, Oklahoma. The Company has substantial acreage in the US where its primary focus is on the Pennsylvanian and Mississippi Lime formations. Northcote is currently undertaking a continuous 2014 work programme which includes recompletions, new wells, fracks and workover programmes in order to grow Northcote's production and reserves.