Northcote Hits Production Target 5 Months Early
Onshore US-focused junior explorer Northcote Energy reported Wednesday that it has met its Dec. 31 2013 production target five months ahead of schedule by achieving net production of more than 100 barrels of oil per day.
Northcote said it is now targeting net production of 250 bopd by July 31 2014. The firm said that initiatives expected to result in further production increases will include the forthcoming fracking results from its Big Hill No.2 property and subsequent fracking campaign on the Horizon project in Oklahoma, which is due to start this September.
"To achieve our 12-month production target of 100 BOEPD just under seven months from listing is a momentous milestone. We have worked hard to identify and execute a number of opportunities to grow Northcote, including the completion of accretive acquisitions, which have been complementary to the oil and gas initiatives that we have undertaken, the frack program at Horizon and the work-over program at Oklahoma Energy," Northcote Managing Director Randall Connally said in a company statement.
"We are focused on growing Northcote to become a well-balanced, independent US
E&P company in the longer term and in order to achieve this we will continue our rapid growth by pursuing our strategy of completing work program that are expected to have an immediate impact on revenues and reserves."
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