Northcote Energy provide a positive update on its operations in Oklahoma, US, including the initiation of a four well workover programme, with completion of the first of these well workovers resulting in an increase in daily production, and commencement of work in connection with the fraccing programme, all in the proven Mississippi Lime formation.

Northcote's Chief Executive Officer Randy Connally said, "Having listed on AIM and raised capital earlier this month, we are pleased to have begun to deliver on our stated objective of building our existing net production, which at listing stood at 26.4 boe/d. The results from the Little Drum workover bode well for similar exercises due to be carried out on the three other producing horizontal wells. This work and the commencement of our fracture stimulation programme in the coming weeks mean we are on course to increase net production significantly. Additionally, we continue to evaluate further opportunities to increase our acreage and subsequent reserves, which were assigned a P1 PV10 of US$33.8 million by our competent person on admission."

Tags: Northcote Energy