14 Aug 2014 07:00
Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector: Oil & Gas
14 August 2014
Northcote Energy Ltd ('Northcote' or 'the Company')
Operations Update
Northcote (AIM: NCT) is pleased to announce that it has successfully completed infrastructure improvements at the Zink Ranch Project in Oklahoma and accordingly, the recently recompleted well #13 is now online.
The Company undertook recompletions at four wells in May 2014, and two of these, wells 8-A and #13, are now in production. The two further wells, #14 and #15, will be brought online shortly. The Company intends to provide an updated total company production figure once all four wells are back online and initial gross flow rates are available.
The now completed infrastructure improvements at Zink Ranch will enable the Project site to accommodate the current and anticipated increases in gas and fluid flows resulting from the fully-funded 2014 work programme. It is anticipated that this programme, which includes the recompletion of fourteen existing wellbores into previously untapped payzones and the drilling of four new vertical wells at Zink Ranch, will be restarted in the near term.
Additionally, the Company is pleased to announce that it has commenced the workover of the Lutcher Moore #9 well at its Shoats Creek Project in Louisiana.
Northcote CEO Randy Connally said, "With infrastructure improvements now complete, we are positioned to increase net production in the near term and we look forward to evaluating the production rates. We now have two wells online at this asset and we are positive that we will see an increase in production as a result of these low cost/ high impact recompletion initiatives. We benefit from having control of our portfolio through majority interest or operatorship of our core assets and this provides us with flexibility in terms of our ongoing work programme. We are excited about Shoats Creek's potential and we have made the decision to commence a workover at one of these wells. I look forward to providing updates regarding the results of all these initiatives and an updated total production figure in the coming weeks."
**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 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.