Paternoster Resources PLC Announcement by Northcote Energy Ltd (7683X)
September 01 2015 - 12:20PM
UK Regulatory
TIDMPRS
RNS Number : 7683X
Paternoster Resources PLC
01 September 2015
Paternoster Resources plc
("Paternoster" or the "Company")
Announcement by Northcote Energy Ltd
Paternoster is pleased to note the announcement this morning by
Northcote Energy Ltd ("Northcote Energy"), an investee company of
Paternoster, disclosing test results for the Lutcher Moore #20 well
(LM #20) at Shoats Creek Field, Beauregard Parish, Louisiana in
which Northcote Energy owns a 93% working interest, of 260 barrels
of oil and 500 mcf of natural gas per day (or 340 barrels of oil
equivalent per day on the basis of 6 mcf of natural gas per barrel
of equivalent).
Highlights:
-- 24 hour test result at LM#20 of 340 BOEPD (237.15 net to Northcote Energy)
-- Application filed for allowable daily production limit for the well of up to 250 BOPD gross
-- Shoats Creek drilling inventory increased by up to three
drill locations from its previously announced 8 well drilling
inventory
-- Northcote Energy's management expects the well to pay out the
total cost through testing, estimated at US$875,000 (US$813,750 net
to Northcote), in approximately 10 to 12 months at a $40 oil
price
For more information please contact:
Paternoster Resources
plc:
Nicholas Lee, Chairman
Matt Lofgran, Non-Executive +44 20 7580 7576
Director +1 480 993 8933
Nominated Advisor and
Joint Broker:
Westhouse Securities
Antonio Bossi / David
Coaten +44 20 7601 6100
Joint Broker:
Peterhouse Corporate Finance
Lucy Williams +44 20 7562 3351
This information is provided by RNS
The company news service from the London Stock Exchange
END
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