Northcote is pleased to announce the successful fracture stimulation of the West Little Drum Well on its 51% owned Horizon Project, which has resulted in a significant increase in production compared to pre-frac levels.
◾ West Little Drum oil production increase of over 600% from pre-frac levels
◾ Oil production continues to fluctuate but the well reported an average of 40 (18 net) bopd for the most recent 7 days and an average of 35 (15 net) bopd over the entire 20 day post frac period
◾ Natural gas production at the four well Little Drum unit, which includes the fracked West Little Drum well, has increased from a pre-frac average of 43 Mcf/day (19 net) in September to an average of 118 (52 net) Mcf/day since resumption of natural gas sales and averaged 171 (75 net) Mcf/day for the first week of November, the most recent data available
◾ Frac completed at a gross cost of US$150,000 - expected to pay back from net operating cash flows within 90 days
◾ West Little Drum is the third of a four well frac programme for 2013 - the next well will be fracked before the end of the year
◾ Five additional horizontal wells on Horizon currently producing from the Mississippi Lime remain to be fracked