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Northern Petroleum completes partial Canadian divestment

Tue, 20th Dec 2016 09:05

(ShareCast News) - Northern Petroleum announced on Tuesday that, further to its announcement of 30 November, the divestment of 25% of its assets in Canada to High Power Petroleum has now completed.The AIM-traded company added that the remaining disposals in Italy and Australia, as set out in the circular sent to shareholders on 30 November, are subject to local regulatory approval and should complete in the new year.Following the admission to trading of 124,047,017 new ordinary shares on 19 December, the firm's board said the first tranche subscription had also now completed.The open offer, as described in the circular, remained open for acceptances until 1100 GMT on 9 January.As the board stated in the announcement on 1 December and in the circular, the size of the second tranche subscription is contingent on the size of the open offer.The company said the terms of the subscription agreement with H2P include the right to appoint a non-executive director to the company, and accordingly Campbell Airlie has now been appointed to that role."We are very pleased to have Campbell join us on the board," said Northern Petroleum chairman Jon Murphy."He has extensive experience and will bring a wealth of industry expertise, with a particular focus on petroleum engineering and production optimisation."We believe his skill set will complement the board well and we look forward to working with him on what will be an exciting programme for Northern Petroleum in 2017."
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7 Aug 2014 17:39

Northern Petroleum starts drilling of three new wells

Northern Petroleum said on Thursday it will start this week the drilling of the first of three new wells at the Virgo redevelopment project in Canada. All wells will be completely drilled by the end of October, with a total cost of $6m. The sales prices were at $90 per barrel after pipeline tarif

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7 Aug 2014 10:10

Northern Petroleum's First New Well At Virgo To Be Spud This Week

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24 Jul 2014 11:26

Northern Petroleum To Sell UK Licences And Assets To UK Oil & Gas

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24 Jul 2014 11:07

Northern Petroleum Awarded Italian Permits

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24 Jul 2014 07:41

UK MORNING BRIEFING: Reed Elsevier Leads Blue Chips On Bullish Outlook

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2 Jul 2014 08:24

Northern Petroleum Completes Well Workover Ahead Of Schedule

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12 May 2014 14:48

DIRECTOR DEALINGS: Northern Petroleum Non-Executive Director Buys Shares

LONDON (Alliance News) - Northern Petroleum PLC Monday said that Non-Executive Director Iain Lanaghan purchased 50,000 shares at a price of 26.5 pence each. Lanaghan holds only those shares in the company. Shares in the oil and gas company were trading 9.1% higher Monday afternoon, at

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12 May 2014 11:36

Northern Petroleum Says Keg River Play To Provide Material Benefit

LONDON (Alliance News) - Northern Petroleum PLC Monday said positive drilling and production results at its three wells in north west Alberta in Canada support the belief that the redevelopment of the Keg River play will become a material source of production, cashflow and value to the business.<

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15 Apr 2014 10:47

Northern Petroleum Pretax Loss Widens On Major Impairment Charges

LONDON (Alliance News) - Northern Petroleum PLC Tuesday said its pretax loss widened in 2013 as major impairments, slightly lower revenues and higher expenses hit the company. The oil and gas exploration and development company said its pretax loss widened to EUR27.7 million from EUR6.6 mil

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15 Apr 2014 07:50

UK MORNING BRIEFING: Aggreko Leads After Mixed Results

LONDON (Alliance News) - Aggreko is leading the FTSE 100 in early trading Tuesday after the temporary power company said it has seen mixed results in its first quarter, with strong underlying revenue growth in two of its three regions being impacted by adverse currency movements as previously exp

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9 Apr 2014 10:12

Northern Petroleum To Relinquish Licenses Containing Havant Prospect

LONDON (Alliance News) - Northern Petroleum PLC Wednesday said that it has decided to relinquish the PEDL256 and PEDL155 licences, which contain its Havant prospect, following consultation with joint-venture partners. The company said it will continue to further appraise its PEDL233 and PED

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3 Apr 2014 10:01

Northern Petroleum Sees Good Results From Proof Of Concept Drilling

LONDON (Alliance News) - Northern Petroleum PLC said Thursday that it had successfully completed its proof of concept drilling programme at the Keg River formation in Alberta, and all three of the wells drilled encountered economically recoverable light oil. All three are being put on a lon

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3 Apr 2014 08:37

Northern Petroleum to increase Canadian exploration

LONDON, April 3 (Reuters) - Oil and gas explorer Northern Petroleum said it planned to increase exploration at its Canadian operations on Thursday after all three of its concept wells in the region proved successful. The London-listed company said it discovered economically recoverable ligh

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28 Mar 2014 11:46

Wessex Exploration Pretax Loss Widens On Northpet Joint Venture

LONDON (Alliance News) - Wessex Exploration PLC Friday said its pretax loss widened in its first half as the company was hit by losses related to its joint venture Northpet Investments Ltd, operating offshore Guyane. The hydrocarbon exploration company with operations in South America, Afr

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18 Feb 2014 11:31

Northern Petroleum Gets Licences Towards Alberta Reef Site Redevelopment

LONDON (Alliance News) - Northern Petroleum PLC Tuesday said it has been granted the licenses it needs to start its proof of concept programme for the potential redevelopment of the light oil reefs it has acquired on the Keg River in north-west Alberta, Canada. The oil and gas exploration a

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