29th Jun 2015 08:13
LONDON (Alliance News) - Northcote Energy Ltd on Monday said it has sold its working interest in the East Blackwell Skinner Sand Unit in Oklahoma to an unnamed acquirer.
Northcote said it has sold the asset for USD75,000 in cash. The site has historically contributed around 2 barrels of oil per day to Northcote, it said.
"The disposal of East Blackwell is the continuation of our strategy to generate capital from non-core assets to focus on those properties in our portfolio that have high-impact potential and are capable of delivering excellent returns for our shareholders," said Randall Connally, Northcote's managing director.
Shares in Northcote were down 8.3% to 0.1972 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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