Randy Connally, managing director of Northcote Energy Ltd (LON:NCT) joins Proactive Investors to discuss the two transactions that will accelerate the development of the Shoats Creek project in Louisiana.
The firm has agreed to sell a 50% working interest in the most recently drilled well at the project - Lutcher Moore 20 - to Gulf Coast Western Inc, and Connally says “this deal will do a lot to get the field developed in a timely manner by bringing in a partner - not to mention the specific financial benefits that we have picked up.”
Northcote also announced it has acquired an additional 20% working interest in the project’s Cockfield play from partner and the operator Shoats Creek Development, and the MD says that Shoats Creek “remains attractive at current oil price levels.”
