US onshore-focused junior explorer Northcote Energy announced Wednesday that it has raised $2.8 million in share placing. The company said that it will deploy the funds in advancing its strategy to increase production and reserves in Oklahoma, where it operates.
Northcote also said that it has been offered a number of "attractive acquisition opportunities" in Oklahoma, and that a portion of the net proceeds from its funds might be used to pay for such acquisitions.
The firm noted it achieved its 2013 production target of 100 barrels of oil equivalent per day in July – five months ahead of schedule. It is targeting 250 barrels of oil equivalent per day by the end of July 2014.
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