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Northcote Energy says Shoats Creek poised to deliver revenue growth

“We are pleased that our plans for Shoats Creek appear to be coming to fruition,” said chairman Ross Warner.

Onshore oil drilling
Getting LM14 up and running is among the priorities.

Northcote Energy Ltd (LON:NCT) has told investors that the latest developments at Shoats Creek are poised to deliver revenue growth and positive operational cash flow.

The 20% owned (15.08% net revenue interest) Lutcher Moore 20 well is now sustainably yielding 20 barrels of oil per day to Northcote, the company said. That equates to US$27,000 of gross revenue each month.

Lutcher Moore 14 has been tested at 40 bopd, plus 2.5mln cubic feet of gas, over a 24 hour period. Meanwhile, the Lutcher Moore 19 is said to have been recompleted successfully, and well testing is planned shortly.

And Lutcher Moore 15 has passed a bi-annual mechanical integrity test, which means it can be used for on-site disposal of all of the salt water volumes from the Shoats creek operations.

“We are pleased that our plans for Shoats Creek appear to be coming to fruition,” said chairman Ross Warner.

“Getting LM#14 and our other Shoats Creek wells producing and tied in for gas sales is our top near term priority, and once we have achieved this we believe that we will be in a position to consider other bores with re-entry potential in gassier pay zones at Shoats Creek, with a potential to generate additional low risk, low cost revenue to Northcote.”

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Price: 0.0575 GBX

AIM:AOGL
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