23rd Dec 2010 15:15
23 December 2010 Northern Petroleum Plc ("Northern" or "the Company" (AIM: NOP)) Drilling and Testing Update
Live Oil in Markwells Wood-1 Core - Interim Statement
Northern announces that live oil has been encountered in the Markwells Wood-1 well in the primary reservoir target. A core was taken and the well drilled to 4584 feet sub-sea level, and various logging tools are being run to aid the assessment of results. There will be no further comment until log evaluation is complete.
Tiendeveen-1 Update
In The Netherlands a hydraulic fracturing ("fraccing") and test programme has been completed on the Tiendeveen-1 well. Fraccing and testing resulted in gas being produced but not at economic rates. The well is being suspended for further evaluation.
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For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7469 2900 Chris Foss, Director of Finance, Legal & Corporate Affairs Graham Heard, Exploration & Technical Director Sophie Hull, Head of Corporate Communications Cenkos Securities (NOMAD and Joint Broker) Jon Fitzpatrick Tel: +44 (0) 20 7397 8900 Ken Fleming / Beth McKiernan Tel: +44 (0) 131 220 6939 Jefferies International (Joint Broker) Tel: +44 (0) 20 7029 8000 Chris Snoxall / Marco Baruzzi Financial Dynamics Tel: +44 (0) 20 7831 3113 Billy Clegg / Edward Westropp Bishopsgate Communications Tel: +44 (0) 20 7562 3350 Nick Rome / Michael Kinirons
Glossary
boepd barrel(s) of oil equivalence per day
P2 Proven plus Probable reserves
Probable Probable reserves are those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable in this context and when probabilistic methods are used, there should be at least a 50 per cent probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves.
Proved Proved reserves are those quantities of petroleum which, by
analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions.
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, Mr. Graham Heard CGeol. FGS, who has over 35 years experience as a petroleum geologist. He has compiled, read and approved the technical disclosure in this regulatory announcement. The technical disclosure in this announcement complies with the SPE/WPC standard.
Notes to Editors:
Northern Petroleum Plc (NOP) is an oil and gas company with exploration, development and production assets in the Netherlands, Italy, UK and Guyane. The Company's strategy is to acquire low entry cost exploration, production and development assets. Through undertaking geological, geophysical and engineering work, Northern adds value to shareholders from production and asset sales.
Northern has total P2 reserves of in excess of 102 million barrels of oil equivalence ("mmboe"). In The Netherlands, where Northern has P2 reserves of 42.5 mmboe, Northern has six gas fields in production. In Italy, where Northern has P2 reserves of 53.16 mmboe, Northern is partnered with Shell and is pursuing a farm-out strategy. In the UK, Northern has 7.02 mmboe of P2 reserves. In Guyane, Northern is partnered with Tullow, Shell and Total. Northern's reserve position is detailed within the Company's 2010 Interim Report dated 29th September 2010 which is available on Northern's website.
Northern is well capitalised, has a track record of partnering with oil majors and is run by a senior and experienced management team.
Now that Wijk en Aalburg is in production, Northern is forecasting a production rate of between 2,200-2,300 boepd. This rate of production will increase as additional oil and gas fields in the Netherlands come on stream.
Northern is listed on the AIM market of the London Stock Exchange.
www.northpet.com
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