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Northcote Energy acquires US assests of North American Petroleum


Published Jan 15, 2015
Northcote Energy

Northcote has signed an agreement with NAPP to acquire the entire issued share capital of NAPP's wholly owned US subsidiary, NAP USA Inc.

Highlights

• Acquisition significantly enhances Northcote's field level cash flow, lease acreage and net production, providing the enlarged Company with a robust platform for future production and cash flow growth even during times of oil price weakness: ◦ materially increases working interests ('WI') in core producing projects; ◾ a 100% increase in working interest from 35% to 70% at Shoats Creek ◾ a 55% increase in working interest from 55% to 85% at Zink Ranch

◦ Northcote has been high-grading its portfolio and has identified a number of low cost conventional drilling candidates with strong economics at current and lower oil prices, particularly at Shoats Creek ◦ The low-cost high impact Shoats Creek wells are expected to be the initial focus for the enlarged group ◦ pro-forma net production to 174 BOEPD (54.9% oil) as at 31 December 2014

Tags: Northcote Energy




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