Northcote Energy sells stake in Oklahoma project

Oil and gas group Northcote Energy has sold its stake in East Blackwell Skinner Sand Unit in Kay County, Oklahoma to a private party for $75,000.

The group said the sale of the asset, which contributed approximately two barrels of oil gross per day, was in line with its strategy to dispose of certain non-core assets in its portfolio.

"The disposal of East Blackwell is the continuation of our strategy to generate capital from non-core assets to focus on those properties in our portfolio that have high-impact potential and are capable of delivering excellent returns for our shareholders," said group managing director Randall J Connally.

Northcote shares were down 7.58% to 0.199p at 1105 BST on Monday.