21st Jul 2015 07:38
LONDON (Alliance News) - Northcote Energy Ltd on Tuesday said it has encountered a pay zone in the Lutcher Moore 20 well at the Shoats Creek project in Louisiana.
Drilling on the well encountered a ten foot pay section and the results indicate the reserves from Well 20 could be more recoverable than those in Lutcher Moore 16 as the find is higher in the drill hole.
"We are very pleased with the pay we hit in the Lutcher Moore 20. All the signs from LM#20 point to success and therefore we feel as good about this well as we can at this point. Drilling, logging and casing operations have gone smoothly and we have seen oil shows both during drilling and while logging and casing the well," said Randall Connally, Northcote's managing director.
Shares in Northcote were trading flat at 0.17 pence early Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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