15th Jul 2015 08:34
LONDON (Alliance News) - Northcote Energy Ltd Wednesday said it has finished drilling the Lutcher Moore 20 well on the Shoats Creek project in Louisiana in the US, and test results have confirmed the presence of hydrocarbons.
"Mud logs have indicated the presence of hydrocarbons in the targeted payzone, in line with the pre-drill geological forecast," said the company in a statement.
The well was drilled to a total depth of 5,500 feet and was completed Tuesday. The next steps involve running casing down the well and analysing data recovered from the electric logs, which are expected to be completed within the next few days. That will allow flow testing operations to commence next week to determine the well's commerciality.
Northcote shares were down 1.6% to 0.177 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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