22nd Jan 2014 09:27
LONDON (Alliance News) - Northcote Energy Ltd Wednesday said it plans at least three new wells to be drilled in 2014 to help meet its production target of 250 barrels of oil equivalent per day by July 31.
The onshore US oil and gas exploration and production company said it plans three new wells, including the first Mississippian well at its 50.15% working interest Horizon site and new wells at its 78% working interest Zink Ranch.
The company also said it plans the workover of at least 14 existing wells at the continuation of its fracking programme at Horizon, commencing in February with a frack the company planned in December delayed due to bad weather.
Northcote's developing fracking programme has managed to vastly increase production for the company including a 600% increase in oil production at its West Little Drum well following an acid frac stimulation in November.
The company noted that in 2013 the company achieved its objective of increasing production to over 100 net barrels of oil equivalent per day and expanded its oil and gas portfolio to over 6,000 net mineral acres.
"Over the coming 12 months we will implement a number of initiatives in Osage County including drilling, workovers of existing wells, and frack programmes, as we look to hit our July 2014 250 BEOPD production target, and build on our proven reserves which currently stand at 2.49 million
barrels of oil equivalent," Chief Executive Randall Connally said in a statement.
Northcote shares were up 5.3% to 0.869 pence early Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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