2 May 2014 07:00
Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector: Oil & Gas
2 May 2014
Northcote Energy Ltd ('Northcote' or 'the Company')
Operations Update
Northcote (AIM: NCT) is pleased to announce that it has concluded recompletions on two further wells (54% WI and 45.45% Net Revenue Interest) located on its Zink Ranch Project, in Osage County, Oklahoma.
· Four recompletions completed in total with a further 10 recompletions scheduled during 2014 at Zink Ranch - initial production rates will be provided in due course
· Northcote has had its cost for these two recompletions carried by North American Petroleum Plc under the farm-out agreement announced 14 March 2014
· The recompletions access new production at low cost as they involve perforating a new, untapped payzone from an existing well bore
· These recompletions are part of 31 planned workovers or recompletions scheduled for in the 2014 continuous work programme across all projects
Northcote's Chief Executive Officer Randall Connally said, ""The recompletion of these two wells are a continuation of our 14 well recompletion programme at Zink Ranch. We look forward to announcing results in the near term and believe that this continuing campaign will make a material contribution toward achievement of our previously stated 250 BOE/d production target.
"We are now planning and permitting the remaining 10 recompletions and remain confident that recompletion of all of these wells will be achieved prior to mid-year 2014. We are additionally working towards initiation of the 2014 new drill programme on Zink Ranch and the Mathis lease and are now starting to bring production back on at both the Libby and Tinker leases (formerly known as the OKE licences) as we finish certain infrastructure and surface work undertaken late last year."
The two further wells have been successfully recompleted and placed back on pump, bringing the total up to four. Results will be provided when load water has been recovered and oil production has stabilised. This is expected in the near term.
B-14 and B-15 are both Bartlesville Producers that were not previously stimulated. Both wells have now been recompleted in the Pennsylvanian Age Bartlesville Sandstone and fracked.
**ENDS**
For further information visit www.northcoteenergy.com or contact the following:
Randy Connally | Northcote Energy Ltd | +1 214 675 7579 |
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 |
All of the technical information, including information in relation to reserves and resources that is contained in this announcement has been reviewed internally by the Company's Technical Director, Mr. Kevin Green. Mr. Kevin Green is a Petroleum Geologist who is a suitably qualified person with over 30 years' experience in assessing hydrocarbon reserves and has reviewed the release and consents to the inclusion of the technical information.
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 Mississippi Lime formation. 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.