15th Dec 2015 09:54
LONDON (Alliance News) - Northern Petroleum PLC on Tuesday said the cash consideration for the acquisition of the Rainbow production and reserve assets in Canada has been paid.
The acquisition is now subject to the assignment of leases to the company by the Alberta Energy Regulator.
The company struck a deal in November to acquire the assets in Alberta for CAD250,000. It said it expects the net cashflow from the assets to broadly cover its general and administrative costs through to 2016 at an oil price of USD47 per barrel.
Shares in Northern Petroleum were untraded on Tuesday, having last traded at 2.48 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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