Northcote starts trading on AIM after Shore Capital share placing

OIL and gas producer Northcote will list on the junior stock market today, following a placing by Shore Capital.

Northcote, which will trade under the ticker NCT, will be focused on onshore projects in the US, primarily in the Mississippi Lime formation in Oklahoma, which the firm said has net proven reserves of 661,000 barrels of oil and 1,678m cubic feet of natural gas.

The funds raised in the listing will be used to fund a multi-well fracking and drilling programme.

The firm will be led by chairman Ross Warner – who also chairs Aim-listed exploration firm Uranium Resources – and chief executive Randall “Randy” Connally, a veteran of both Bank of America and Credit Suisse First Boston.

According to a circular filed last year, at 31 October 2012 the company had cash of £451,000 and liabilities of £57,000.

Beaumont Cornish is Northcote’s nominated adviser and joint broker, with Shore Capital also acting as joint broker.