28 May 2015 09:15
NORTHCOTE ENERGY LIMITED - Update on New Shoats Creek Well & Exercise of WarrantsNORTHCOTE ENERGY LIMITED - Update on New Shoats Creek Well & Exercise of Warrants
PR Newswire
London, May 28
Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector: Oil & Gas
28 May 2015
Northcote Energy Ltd (‘Northcote’ or ‘the Company’)
Update on New Shoats Creek Well and Exercise of Warrants
Further to the announcement of 5 May 2015, Northcote announces that drilling on Shoats Creek will commence as soon as possible. The Shoats Creek property in Louisiana has suffered a prolonged period of heavy weather, once this passes drilling will commence. The Company will inform the market in due course that the well has been spudded.
Northcote Managing Director Randall Connally said, "Our permitting and other regulatory requirements to drill a new well at Shoats Creek are all in place and our drilling contractor is on standby for a break in the historic series of thunderstorms and rainfall that have inundated parts of Louisiana, Texas and Oklahoma with flooding this year. Once the weather clears and the ground has had a chance to dry out, we will be commencing with the new drill immediately."
Exercise of Warrants
In addition, Northcote announces that application has been made for 12.5 million new ordinary shares of no par value to be admitted to trading on AIM pursuant to the exercise of warrants (the "Warrant Exercise"). The warrants have an exercise price per share of 0.1 pence.
The 12.5 million new ordinary shares issued pursuant to the Warrant Exercise will rank pari passu with the Company's existing ordinary shares and admission to trading on AIM is expected to take place on 1 June 2015 (‘Admission’). Following the issue of the new ordinary shares as described above, the issued share capital of the Company will consist of 6,005,082,327 Ordinary Shares.
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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 |
| James Biddle | Beaumont Cornish Ltd | +44 20 7628 3396 |
| Elliot Hance | Beaufort Securities Ltd | +44 20 7382 8300 |
| Nick Bealer | Cornhill Capital Limited | +44 20 7710 9612 |
| Elisabeth Cowell | St Brides Partners Limited | +44 20 7236 1177 |
Notes:
Northcote Energy Limited is an entrepreneurial energy company with diverse interests. The Company combines a portfolio of US exploration and production assets in Louisiana and Oklahoma with the development of new business opportunities in the US and also in Mexico, such as its participation agreement with MX Oil PLC and agreement with Gaia Ecologica.