8th Dec 2011 07:00
Northern Petroleum Plc ("Northern" (AIM: NOP)) Sale of Interest in Vinkega Gas Field
Northern announces the sale of its interest in the Vinkega gas field for approximately €3.2 million.
The Vinkega gas field was discovered when Vermilion Oil & Gas Netherlands B.V.("Vermilion") drilled the Vinkega-1 well (spudded 16th November 2009) on itsGorredijk Licence. The field has been mapped as underlying both part of theGorredijk Licence and part of the Drenthe III Licence, which is held by
Northern Petroleum Nederland B.V. ("NPN"), a wholly owned subsidiary of NPN, Nederlandse Aardolie Maatschappij B.V. and Dyas B.V.
All the Drenthe III Licence interest holders have agreed to the sale of theirrespective Drenthe III interests in the Vinkega field to Vermilion, with NPN'spro-rated share of the consideration being €3.1875 million. Seventy percent ofthe purchase price has already been paid on signing of the Sale and PurchaseAgreement, with the remaining thirty percent being payable followingcompletion, which is subject to the usual governmental and other consents.
Derek Musgrove, Managing Director of Northern, stated:
"I have congratulated Vermilion on their discovery and am pleased that theDrenthe III licence interest holders have reached a settlement that matches thestrategies of all participants. The sale will enable a smooth transition intoproduction under Vermilion's team and make a useful financial contribution toour hopefully successful exploration activities on the Drenthe III licence
inthe near future.
Northern considered that Vinkega was not a prospect of sufficient size andstructural appeal to have attracted a wildcat well on the Drenthe III licencealone. On behalf of the Drenthe III licence interest holders I thank Vermilionand their partners for their work and efforts." - Ends -
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.
XLONRelated Shares:
Cabot Energy