7 Apr 2010 07:00
7th April 2010 Northern Petroleum Plc strengthens Management Team
Northern Petroleum Plc ("Northern") is pleased to announce that Nigel Wright has been appointed Finance Director and to the Board of Directors. Based in London, Nigel will join Northern on 12th April 2010 and will bring with him a wealth of experience in the petroleum industry. He will take over the role from Chris Foss who has held that responsibility since 2005. Nigel has previously been the Chief Financial Officer ("CFO") of substantial multinational oil and chemical businesses.
Chris will redeploy his seven years of experience at Northern to the newly created role of Director of Legal & Corporate Affairs and will inter alia assist the Managing Director in the implementation and delivery of the corporate strategy plan. Chris will also continue in his role as Company Secretary.
Nigel graduated with a first class honours degree in Mechanical Engineering in 1981 before becoming a chartered engineer in 1985 and a Chartered Management Accountant in 1989. He joined BP in 1981 working on BP Exploration and Production projects later becoming CFO of Innovene Europe, a $16bn business, and Global Cash Manager of BP Chemicals, a $23bn business. Most recently he was CFO of Caithness Petroleum, an independent oil and gas exploration and production company.
Commenting on the appointment, Richard Latham, Chairman, Northern Petroleum Plc said: "I am delighted to welcome Nigel to the Board. He joins us at a time of increasing activity as the Company builds upon the commissioning into production of the Grolloo and Geesbrug gas fields last year and now proceeds with plans to develop nine further oil and gas discoveries as well as expansion plans at Geesbrug."
Derek Musgrove, Managing Director commented: "Nigel's appointment will allow Chris to redeploy and better enable us to meet the requirement for an intense effort to make a considerable expansion to our initial production position in The Netherlands. It is also a period when we will be drilling onshore in the UK and increasing both our corporate and operational activities on our large licence position in Italy. I look forward to working with him."
"Utilising Chris' knowledge of Northern and his track record of project delivery will also be invaluable as we seek to further expand and grow the Company" added Derek Musgrove.
Nigel Wright does not hold, nor has held, directorships in any companies in the five years preceding his appointment to the Board of Northern.
There are no other matters to be disclosed in relation to Schedule 2 paragraph (g) of the AIM Rules.
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For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7469 2900Derek Musgrove, Managing DirectorRichard Latham, ChairmanBrokers to the CompanyJefferies International Limited Tel: +44 (0) 20 7029 8000
Chris Snoxall / Schuyler Evans
Astaire Securities Tel: +44 (0) 20 7448 4400Jerry Keen / Toby GibbsNotes to Editors:
Northern is an AIM quoted oil and gas production, development, exploration and asset trading company focused on petroleum producing areas of low political risk in Europe. The Company strategy is to obtain significant and concentrated licence positions then add value at reasonable risk utilising new ideas together with new drilling, seismic, completion, field development and computer technologies to establish economic oil and gas production.
The Company's activities are concentrated in three countries (Netherlands, Italy and England) with the risk spread over more than 50 projects in 12 petroleum systems. Following the acquisition of ATI Oil Plc, Northern holds approximately 103 million barrels of reported Proven & Probable Reserves. It has interests in 6 producing fields, both onshore and offshore, three of which it manages.
The development of six onshore oil and gas fields is being progressed in The Netherlands under Northern management (Northern Petroleum Nederland B.V.) with Dyas B.V., EBN, the Netherlands' state oil company, and the NAM.
Northern currently manages the largest licensed exploration area in Italy, over 15,000km², predominantly offshore, but which includes five onshore permits in the Po Valley gas and oil province in the north of the country. Exploratory evaluation of six offshore thrust belt licences is being undertaken in partnership with Shell Italia E&P S.p.A.
UK production comes from a 10% interest in the Horndean oil field and a 5% interest in the Avington oil field, in West Sussex and Hampshire respectively. Northern also has planning consents to drill in the near future an eastward extension of the Horndean oil field and an exploration well at Havant, and a 50% interest in these ventures.
For further information on Northern visit www.northpet.com.
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