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Red Rock chair looks to get more wells flowing at Shoats Creek

At the Shoats Creek field in Louisiana, which investment company Red Rock Resources (LON:RRR), which has a stake in, the operator, Northcote Energy (LON:NCT), announced the completion of infrastructure upgrades.

It means production operations started at the LM20 well in which Red Rock has a 20% working interest and a 14.4% net revenue interest.

Red Rock Resources chairman Andrew Bell said: “After this LM20 well there are plans to drill on LM21 and LM22 which will step outs from this well.”

It means “we could within a few months, have three wells flowing” he added

Quick facts: Red Rock Resources PLC

Price: 0.425 GBX

AIM:RRR
Market: AIM
Market Cap: £2.87 m
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Red Rock Resources PLC boss hoping to be cash flow positive by year's end

Andrew Bell, chairman of Red Rock Resources PLC (LON:RRR), is hopeful that the mineral exploration and production company will be ”showing appreciable positive cash flows” by the end of 2016. Bell tells Proactive that if everything goes to plan at Shoats Creek, Red Rock will also “be...

on 1/4/16

2 min read