4th Oct 2013 10:44
LONDON (Alliance News) - US oil and gas exploration company Northcote Energy Friday said it plans to drill its first horizontal well targeting the Mississippi Lime formation on its 100% owned Mathis lease before the end of December 2013.
In a drilling update, the company said as part of the well planning process, the first said the new well was hight impact and had the potential to significantly contribute to its new target of 250 barrels per day by mid-2014.
Discussions to sell at least a 50% working interest in the well are also advanced, the firm said.
The stock was trading at 1.25 pence, 0.02 pence up 2.0%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
NCT.L