7th Aug 2012 07:00
07 August 2012 Northern Petroleum Plc ("Northern" (AIM: NOP)) Northern Starts Drilling in Italy
Northern Petroleum Plc is pleased to announce that it has commenced drilling operations on the La Tosca-1 well, targeting a 43 billion cubic feet of gross mean prospective resource gas prospect. The well will evaluate the exploration potential of a gas prospect mapped from 3D seismic on the Longastrino Permit. The well is situated within the prolific gas fairway of the Eastern Po Valley basin, with the Alfonsine gas field located in close proximity to the prospect.
The La Tosca prospect is being drilled using HDI Leonardo Drillmec HH220 rig and is expected to take up to forty days to reach total depth. Northern's share of the well costs will be largely borne by its joint venture partner Orca Exploration Group Inc.
Derek Musgrove, Managing Director of Northern commented:
"Northern looks forward to working with its partner Orca in the drilling of the La Tosca well. The prospect has been defined from the 3D seismic coverage."
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.
The prospective resource estimate for La Tosca is based on internal volumetric and related assessments. The definitions for oil and gas reserves are in accordance with the AIM Note for Mining and Oil & Gas Companies (June 2009) an in accordance with the guidelines of the Society of Petroleum Engineers ("SPE"). The SPE Reserve definitions can be found on the SPE website at www.spe.org.
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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/Ivana Petkova/Anna Michniewicz
Notes to Editors:
Northern is a full cycle oil and gas company currently holding over 50 licences in a number of low risk areas and is continuing with its strategy of adding and securing value for shareholders as it engages with projects at all stages of the E&P value chain.
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.
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