7th Oct 2013 09:23
LONDON (Alliance News) - Northcote Energy Limited Monday said it will commence the fracture stimulation of a third horizontal well on its 51% owned Horizon Project in Oklahoma this week, which forms part of a four well frack programme.
In a frack programme update, the oil and gas firm said frack equipment is arriving at the site and operations will start at West Little Drum on Wednesday.
Northcote also said it has started the drilling of a high impact horizontal Mississippi Lime well at its Mathis project, with spudding expected by the end of the year.
"The information gathered [from the Horizon programme] will be used to refine each successive frack and we expect to see continual improvement in future fracks at Horizon," Chief Executive, Randy Connally, said in a statement.
"We look forward to announcing the results of West Little Drum in due course as we continue to grow production towards our 250 barrels of oil equivalent per day target," he added.
Northcote shares were trading at 1.30 pence Monday morning, up 0.05 pence or 4.0%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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