REG - Paternoster Res. - Announcement by Northcote Energy Ltd <Origin Href="QuoteRef">PRSPA.L</Origin>

Riverfort Global OpportunitiesAnnouncement

01/09/2015 17:20

RNS Number : 7683X
Paternoster Resources PLC
01 September 2015
Paternoster Resources plc
("Paternoster" or the "Company")
Announcement by Northcote Energy Ltd
Paternoster is pleased to note the announcement this morning by Northcote Energy Ltd ("Northcote Energy"),an investee company of Paternoster, disclosing test results for the Lutcher Moore #20 well (LM #20) at Shoats Creek Field, Beauregard Parish, Louisiana in which Northcote Energy owns a 93% working interest, of 260 barrels of oil and 500 mcf of natural gas per day (or 340 barrels of oil equivalent per day on the basis of 6 mcf of natural gas per barrel of equivalent).
Highlights:
 24 hour test result at LM#20 of 340 BOEPD (237.15 net to Northcote Energy)
 Application filed for allowable daily production limit for the well of up to 250 BOPD gross
 Shoats Creek drilling inventory increased by up to three drill locations from its previously announced 8 well drilling inventory
 Northcote Energy's management expects the well to pay out the total cost through testing, estimated at US$875,000 (US$813,750 net to Northcote), in approximately 10 to 12 months at a $40 oil price
For more information please contact:
Paternoster Resources plc:

Nicholas Lee, Chairman
Matt Lofgran, Non-Executive Director
+44 20 7580 7576
+1 480 993 8933
Nominated Advisor and Joint Broker:

Westhouse Securities

Antonio Bossi / David Coaten
+44 20 7601 6100
Joint Broker:

Peterhouse Corporate Finance

Lucy Williams
+44 20 7562 3351

This information is provided by RNS
The company news service from the London Stock Exchange
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