Northcote Energy reports pay zone finding at Louisiana project

Oil and gas explorer Northcote Energy said it has come across a pay zone in the Lutcher Moore 20 well at the Shoats Creek project in Louisiana.

In a short statement on Tuesday, the group said it encountered a 10 ft pay section and results suggest the reserve from Well 20 could be easier to recover than those in Lutcher Moore 16, given the finding is higher in the drill hole.

Northcote managing director Randall Connally said the company was “very pleased” with the finding.

“All the signs from Lutcher Moore 20 point to success and therefore we feel as good about this well as we can at this point,” he said.

“Drilling, logging and casing operations have gone smoothly and we have seen oil shows both during drilling and while logging and casing the well.”

Northcote shares were down 5.76% to 0.160p at 1017 BST on Tuesday.