14 Apr 2010 07:00
For immediate release 07.00 14th April 2010
NORTHERN PETROLEUM PLC ("Northern") RESERVES UPDATE 2P RESERVES AT BAXTERS COPSE 2.68 MILLION BARRELS NET TO NORTHERN
Northern Petroleum Plc (Northern) is pleased to announce that RPS Energy have completed their Report to Northern (the "Report") for the Providence Resources Plc (Providence) operated Baxters Copse licence area (PEDL 233) in the Weald Basin. The Report attributes previously unreported gross 2P and 3P reserves of 5.36 million stock tank barrels (MMstb) and 15.06 MMstb respectively of undeveloped reserves - 50% to NP Weald Limited, a wholly owned Northern subsidiary. Northern has agreed with Providence a programme for first oil from Baxters Copse in 2011.
Derek Musgrove, Managing Director, commented: "We are very pleased to announce the plans for Baxters Copse and its independently audited reserves. The proximity of Baxters Copse to the Singleton production site means that the well can be drilled and produced without requirements for further Planning Consents. There are also plans to further evaluate the other prospects within PEDL 233."
RPS Report detail:
The Baxters Copse discovery is located c. 5 km northeast of the Singleton oil field production facilities. Northern, on behalf of the joint venture reprocessed the available 2D seismic data over Baxters Copse, which has greatly improved the subsurface imaging. Subsequent interpretation, depth conversion and mapping have indicated that Baxters Copse is a significantly larger oil accumulation than was previously thought.
Singleton currently produces over 800 bopd.
BaxtersCopse (Undeveloped) Oil MMstb MMstb Gross 50% to NorthernProved Reserves (1P) 0.70 0.35Proved plus Probable Reserves (2P) 5.36 2.68Proved plus Probable plus Possible Reserves (3P) 15.06 7.53
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 2900Derek Musgrove, Managing DirectorNigel Wright, Finance DirectorGraham Heard, Exploration & Technical DirectorChris Foss, Director of Legal & Corporate AffairsSophie Hull, Head of Corporate Communications
Brokers to the Company
Jefferies International Limited Tel: +44 (0) 20 7029 8000
Chris Snoxall / Schuyler Evans
Astaire Securities Tel: +44 (0) 20 7448 4400Jerry Keen / Toby GibbsFinancial PRBishopsgate CommunicationNick Rome Tel: +44 (0) 20 7562 3366
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