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Northcote Energy confident of hitting production target

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Northcote Energy (LON:NCT) chief executive Randall Connally says he’s confident the company will hit the 250 barrel a day production target by the summer.

In a statement in London this afternoon, coming after the news that North American Petroleum (ISDX:NAP) had acquired a stake in the Northcote operated Zink ranch, Connally said 2014 will be a “very busy year”.

North American Petroleum is acquiring a 30% stake in the producing field, paying a a total of US$600,000 for its interest. 

"The acquisition of the additional interest in the Zink Ranch project in February was fundamentally about improving the ratio of NRI to WI on this project to a more attractive 78% with the acquisition announced on 27 February 2014,” Northcote’s Connally said.

Having completed that objective it was possible to bring in a partner to help fund the capital required to develop that project while allowing Northcote to manage both its exposure to any one project and its capital to ensure that the sustained and broad work program across all of our properties can proceed smoothly.

 "We are now running multiple projects simultaneously across a lease position we are very proud of and believe we will deliver the results that investors expect of us.  The additional over-riding royalty interest added this week will also help improve our return on each dollar of capital invested in Zink Ranch by increasing the share of revenue (the NRI) per unit of investment (the WI).”

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