13th Jul 2015 06:58
LONDON (Alliance News) - Northcote Energy Ltd Monday said it has started drilling the Lutcher Moore 20 well at the Shoats Creek project in Louisiana in the US and signed a deal involving the South Weslaco gas field in Texas.
The well has reached a depth of 3,024 feet of a total target depth of 5,500 feet and is expected to reach that target depth within the next six to eight days. No other information was released and Northcote said it would release a further update on the well in due course.
In a separate statement, the company said it has transferred its entire interest in the South Weslaco Gas Field, Hidalgo County, Texas to Springer Energy Partners LP.
Springer Energy is a US based partnership in which Northcote has been granted a 48% equity stake in exchange for the asset transfer.
"The divestment is in line with the company's strategy to focus on its core US properties including the producing Shoat's Creek Field in Louisiana, as well as its existing opportunities in Mexico and Indonesia," said the company in a statement.
By Joshua Warner; [email protected]; @JoshAlliance
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