Cabot Energy Regulatory News (CAB)

26 Jul 2006 11:02

For immediate release: 26 July 2006 Northern Petroleum Plc (the "Company") Result of AGM & AGM Statement At the Annual General Meeting ("AGM" or "the meeting") of the Company heldtoday all resolutions were passed.At the meeting the Chairman, Richard Latham, made the following statement:"It has been a good year during which we have further established our positionto become the second largest onshore operator in The Netherlands and in termsof area under management the second largest exploration licencee in Italy. Wenow have proven plus probable reserves of 60.5 million barrels of oilequivalent which has been independently evaluated by petroleum engineers.Now that we have secured funding from the recent placing and with the supportof Standard Bank to provide the project finance, I can look forward to theperiod ahead in which we will establish ourselves as oil and gas producers inThe Netherlands and conduct active drilling programmes in Italy and the southof England.It is noticeable to me that both Italy and The Netherlands have recently seenan increase in the number of incoming oil exploration companies following inthe wake of a path which I feel we have set, that of seeking to put oil and gasdiscoveries into development and conduct exploration in known petroleum systemsin safe parts of the world. I believe this last point is much overlooked bymany commentators and investors in an increasingly troubled political scene. Wehave sought to acquire reserves and conduct our exploration in what we deem tobe safe and stable political environments. Our progress has been steady and Ibelieve we are about to reap the rewards of much hard work and patience withoutbeing nervous as to legitimacy of title, government seizure nor in a materialway to the whimsical additional "windfall profits" taxes by Finance Ministerswith a black hole.Now that the award and transfer of licences in The Netherlands is beingrealised our operations team is investigating possibilities to accelerate theoil field developments and increase the initial levels of production. Oncethese plans are finalised and receive local approvals I look forward toadvising shareholders.I feel particularly confident that we have now built a very experienced coreteam at a time when experienced personnel are greatly sought after. I amimpressed with the enthusiasm and dedication of the team, and this above allelse leads me to suggest that we should all have confidence in the future ofNorthern Petroleum.May I add, that whilst success can never be guaranteed - particularly in an E &P company - it can be earned by intelligence, experience and sheer well aimedhard work. It can then become deserved - and I and my Board feel that if anyteam deserve success it is this one. They are a real pleasure to work with anddeserve our unstinting gratitude for a highly successful year. I have completeconfidence of even greater achievements next year and beyond". -Ends- For further information please contact:Derek Musgrove, Managing DirectorNorthern PetroleumTel. 020 7743 6080InvestecMichael AnsellTel: +44(0)20 7597 5000Panmure Gordon & CoKatherine RoeTel: +44(0)20 7459 3600Hansard CommunicationsChris Roberts / Ben SimonsTel. +44(0)20 7245 1100Further information on Northern Petroleum Plc is available via our website,www.northpet.comENDNORTHERN PETROLEUM PLC