Onshore US-focused junior explorer Northcote Energy reported Friday that it plans its first horizontal well targeting the Mississippi Lime formation on its wholly-owned Mathis lease in Oklahoma before the end of the year.
Northcote said the first well location has been estimated as containing proved, undeveloped (P1) reserves of 200,000 barrels of oil along with 1.7 billion cubic feet of natural gas. The firm added that it is in advanced discussions to sell at least a 50-percent working interest in the well as part of its strategy for balancing upside with the management of financial risk.
Northcote Managing Director Randall Connally commented in a company statement:
"This has the potential to be a high-impact well for us and, on a net basis, to significantly contribute to meeting our newly-established 250 barrels of oil equivalent per day production target by mid-2014."
Northcote's Mathis project covers 960 acres next to the company's 51 percent-owned Horizon Project in the producing Mississippi Lime formation in Osage County, Oklahoma.
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you