6th Dec 2011 11:30
Embargoed for release: 1130 on 6th December 2011
Northern Petroleum Plc ("Northern" (AIM: NOP))
Northern announces that on 29th November 2011 it completed a 600km 2D seismic survey in offshore Southern Adriatic covering two licences - F.R39.NP & F.R40.NP. Seismic acquisition commenced on 23rd November 2011 using the vessel `M/V Princess' contracted from CGGVeritas S.A and was completed within the prescribed six-day period.
The seismic acquisition is part of the work programme being funded by Northern. The aim of the programme is to obtain more complete and better quality data to upgrade definition of the encouraging prospects identified from older seismic surveys. A further 3D seismic is planned in 2012. The wait is for necessary approvals from all the relevant authorities.
The 2D survey was acquired without any incidents or accidents and with the minimum of disturbance to the local fishing industry, which was highly cooperative at all times. In its operations Northern adhered to all Italian environmental requirements.
As announced on the 25th March 2011, Northern signed an agreement with Azimuth Limited ("Azimuth") a specialist global E&P involving Italian permits F.R39.NP and F.R40.NP which contain the Rovesti and Giove oil discoveries and ten mapped prospects. The objective of the agreement is to work with Azimuth to define and delineate suitable appraisal and exploration drilling targets. Azimuth will become a 15% interest partner in both permits by funding a promoted share of future work programmes prior to the drilling phase.
In accordance with the AIM Rules - Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and signed off by the Exploration and Technical Director of Northern Petroleum Plc, Mr. Graham Heard CGeol FGS, who has over 35 years experience as a petroleum geologist.
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For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7469 2900 Derek Musgrove, Managing Director Chris Foss, Director of Finance, Legal & Corporate Affairs Graham Heard, Exploration & Technical Director Cenkos Securities (NOMAD and Joint Broker) Jon Fitzpatrick Tel: +44 (0) 20 7397 8900 Ken Fleming / Beth McKiernan Tel: +44 (0) 131 220 6939 Westhouse Securities (Joint Broker) Tel: +44 (0) 20 7601 6100 Richard Baty / Petre Norton - Corporate Finance Sanjiv Pandya - Corporate Broking FTI Consulting Tel: +44 (0) 20 7831 3113 Billy Clegg / Edward Westropp Bishopsgate Communications Tel: +44 (0) 20 7562 3350 Nick Rome / Shabnam Bashir Notes to Editors:
Comprehensive information on Northern and its oil and gas operations, including all press releases, annual reports and interim reports are available from Northern's website at www.northpet.com.
Northern currently holds over 50 licences in a number of low risk areas and continues with its strategy of adding and securing value for shareholders as its engages with projects at all stages of the E&P value chain.
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