Northcote Energy's drilling delayed by adverse weather

Northcote Energy informed investors that drilling operations at its Shoats Creek project will be pushed back to 29 June, due to adverse weather conditions in Louisiana.

The operations, announced in March, will involve the Luther Moor 20 well drilled dug to 5,500ft, targetting the conventional Frio formation.

"We are excited to be delivering on our plans to drill a new well, from which we stand better placed to benefit having secured a doubling of our working interest to 70%,” chief executive Randall Connally said in March.

A high yield would provide a significant boost to the company's cash balance, bolster reserves and open up potential for additional drilling opportunities.

The project follows Northcote 'high-grading' its Shoats Creek portfolio last year.

As of 10:30 BST, Northcote was trading 0.85% lower at 0.19p.