29th Oct 2014 08:48
LONDON (Alliance News) - Northcote Energy Ltd shares were down early Wednesday after the company reported increased production from one of the Lutcher Moore wells at the Shoats Creek project, but added that one of the wells had been shut-in.
Northcote said it saw a 33% rise in production from the Lutcher Moore #9 well at the site to 115 barrels of oil equivalent per day, up from the announced test rate of 86.5 boepd.
The success of the #9 and #14 wells means Northcote's partners on the Shoats Creek project, in Louisiana, will continue the capital programme for the site, it said.
But the Lutcher Moore #12 well was shut-in after the collapse of the casing in the well bore and will not be added to production. The company said the well had shown good oils in testing.
"Shoats Creek continues to prove itself worthy of our high expectations particularly due to its low cost conventional nature which is relevant to the current pricing environment," said Northcote Chief Executive Randall Connally.
Shares in the company were down 5.7% to 0.58 pence on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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