10 Mar 2015 07:02
Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector: Oil & Gas
10 March 2015
Northcote Energy Ltd ('Northcote' or 'the Company')
New Shoats Creek Well Update
Northcote (AIM: NCT) is pleased to announce that it is has been informed by Aminex USA Inc., the Operator of Shoats Creek, that it has signed a rig contract to drill a new conventional vertical well at Shoats Creek Field ('Shoats').
Highlights
· The new well, the Lutcher Moore #20, has been prepared and permitted and the company has signed a drill contract with 3&1 Enterprises T&R, Inc and secured the drilling rig
· The new well will be drilled to c.5,500 feet targeting the conventional Frio Formation
· The Company is advancing its well engineering and completion options with consultants that are specialists in the local area to carefully plan the completion programme
· Success at the Frio will unlock significant field level cash flow, prove up reserves and open up further multiple development opportunities at Shoats Creek
· Further updates regarding the timing of the new drill will be provided in due course
Northcote Managing Director Randall Connally said, "We are excited to be delivering on our plans to drill a new well, from which we stand better placed to benefit having secured a doubling of our working interest to 70% from the NAP USA Inc. acquisition. The economics of this initiative are very attractive at today's oil prices, and over the coming weeks we will be using the time ahead of the commencement of drilling to carefully plan for success, utilising the experience of local parties.
"During the latter part of 2014 we high-graded our Shoats Creek portfolio to focus on an initial package of wells that could be developed economically at current oil prices, the LM#20 is our first Shoats well and the first of these high-graded wells to be undertaken. We look forward to providing further updates on this programme when drilling commences."
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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 |
Jon Belliss | Hume Capital Securities Plc | +44 20 3693 1470 |
Abigail Wayne | Hume Capital Securities Plc | +44 20 3693 1470 |
Nick Bealer | Cornhill Capital Limited | +44 20 7710 9618 |
Hugo de Salis | St Brides Partners Limited | +44 20 7236 1177 |
Elisabeth Cowell | St Brides Partners Limited | +44 20 7236 1177 |
Notes:
Northcote Energy Ltd is a producing oil & gas company with a portfolio of US exploration and production assets in Oklahoma and Louisiana. The Company has substantial acreage in the US where its primary focus is on conventional oil and gas opportunities in Louisiana and Oklahoma. Northcote plans to undertake a new drill work programme at Shoats Creek in order to grow Northcote's production and reserves.