19th May 2015 09:27
LONDON (Alliance News) - Northern Petroleum PLC on Tuesday said it is making progress on its plans for well 100/16-19 in Alberta, Canada.
The company said the production package for the site is ready to be transported to the well site, with a production start-up planned for the start of June. It is expecting start-up production of 75-100 barrels of oil per day from the well.
In addition, the pump on well 102/15-23 has been installed and expected production of 150 barrels of oil per day is due to start in the third quarter.
Northern Petroleum said it expects the net cashflow from the two wells to cover most of the company's entire general and administrative costs.
"Recent work has been focused on ensuring the business can operate effectively in the current oil price environment. The benefits of this work can now be seen, where production from only two wells is expected to effectively support the whole group," said Chief Executive Keith Bush.
Northern Petroleum shares were untraded Tuesday, having last traded at 4.70 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
NOP.L