19 Dec 2013 12:30
Northern Petroleum Plc
("Northern Petroleum" or "Northern" or "the Company")
Canadian Operations
Northern Petroleum (AIM: NOP) provides the following update on operations in Alberta, Canada. A recent restructuring of the drilling application approval process by the Alberta Energy Regulator ("AER") has resulted in a back-log in the granting of drilling permits across the industry. The Company has been working closely with the AER and has been notified that Northern's permits should be granted in a matter of weeks, in time to allow drilling operations to commence early in the New Year.
The Company has finalised the three well, proof of concept programme for the redevelopment opportunity in north-west Alberta and drilling and service contracts have been signed with Ensign Drilling. The contracts retain the flexibility to accommodate this change in timing without incurring additional costs.
Keith Bush, Chief Executive Officer of Northern, commented:
"While the change of operational start up timing to early 2014 is frustrating, I'm very much looking forward to the start of drilling operations and the results that will follow."
- Ends -
In Accordance with 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, Mr Graham Heard CGeol. FGS, who has over 35 years' experience as a petroleum geologist. He has compiled, read and approved the technical disclosure in this regulatory announcement. The technical disclosure in this announcement complies with the SPE/WPC standard.
For further information please contact:
Northern Petroleum Plc Tel: +44 (0)20 7469 2900
Keith Bush, Chief Executive Officer
Nick Morgan, Finance Director
Graham Heard, Exploration and Technical Director
Westhouse Securities (Nomad and Broker) Tel: +44 (0)20 7601 6100
Richard Baty - Corporate Finance
FTI Consulting Tel: +44 (0)20 7831 3113
Edward Westropp/ Shannon Brushe
Note to Editors:
Northern is an oil and gas company currently holding licences in countries of relatively low political risk and is continuing with its strategy of adding and securing value for shareholders as it enters into projects at all stages of the exploration and production value chain. Comprehensive information on Northern and its oil and gas operations, including press releases, annual reports and interim reports are available from Northern's website: www.northernpetroleum.com