NORTHCOTE ENERGY LIMITED: Completion of Hydraulic Fracture Stimulation

NORTHCOTE ENERGY LIMITED: Completion of Hydraulic Fracture Stimulation
Northcote Energy Ltd / Index: AIM / Epic: NCT / ISIN: VGG6622A1057 / Sector:
Oil & Gas 
3 May 2013 
          Northcote Energy Ltd (`Northcote' or `the Company')               
       Completion of Hydraulic Fracture Stimulation of Two Wells            
Northcote (AIM: NCT), an onshore US oil and gas exploration and production
company, is pleased to announce the completion of the hydraulic fracture
stimulation of two wells, the Big Hill #1 and Big Hill #2 wells at the Horizon
Project, in which it owns approximately a 51% Working Interest. The operations
have been undertaken in line with the Company's strategy to increase production
to reach its 2013 net production target of 100 boe/d in the Mississippi Lime
formation in Osage County, Oklahoma. 
Operations were completed in line with expectations and significantly under
original budget estimates. The Big Hill #1 and Big Hill #2 wells were fracture
stimulated by pumping approximately 20,000 barrels of water, referred to as
load water, along with certain chemicals and rock salt, into each of the two
wells in multiple stages. 
Load water volumes are currently being recovered from the frac'd wells. As the
load water is recovered the Company expects the oil cut, which is the
percentage of oil in relation to total fluids, to increase for some period of
time. As this ratio appears to stabilise, or flatten, and starts declining the
Company will be able to assess the longer term impact on reserves and
production from the fracture stimulation of these wells. The Company will
report to shareholders as soon as meaningful production information is
Additionally, the Company is already in discussions with the operator and key
suppliers to schedule the fracture stimulation of the next two wells. Further
information will be provided on anticipated timings in due course. 
Northcote's Chief Executive Officer Randy Connally said, "The completion of the
fracture stimulation of the first two wells at the Horizon Project marks an
exciting milestone for the Company as we advance towards our target of reaching
100 barrels of oil equivalent per day net production by the end of 2013. I look
forward to providing updates on the recovery rates realised and timing of the
next steps in our work programme over the coming weeks." 
For further information visit, see below or contact the
Randy Connally            Northcote Energy Ltd           +01 214 675 7579       
Ross Warner               Northcote Energy Ltd           +44 7760 487 769       
Dan Jorgensen             Northcote Energy Ltd           +44 (0) 20 7024 8391   
Roland Cornish            Beaumont Cornish Ltd           +44 (0) 20 7628 3396   
Jerry Keen                Shore Capital Stockbrokers     +44 (0) 20 7408 4090   
Bidhi Bhoma               Shore Capital Stockbrokers     +44 (0) 20 7408 4090   
Hugo de Salis             St Brides Media and Finance    +44 (0) 20 7236 1177   
Elisabeth Cowell          St Brides Media and Finance    +44 (0) 20 7236 1177   
Northcote Energy Ltd is a revenue generative US onshore oil and gas production
company focussed on the rapidly emerging Mississippi Lime formation in
Oklahoma. The Company participates with leading operators, including Midstates
Petroleum and Chesapeake Energy, in low risk development plays where advanced
techniques, such as horizontal drilling and fracing, are used to unlock known
oil accumulations and dramatically improve recovery rates. Management is
focused on increasing production through a multi-well drilling and fracing
campaign in 2013. 
-0- May/03/2013 06:00 GMT
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