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.
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