6 Apr 2016 07:00
Northern Petroleum Plc
("Northern Petroleum" or "the Company")
Canadian production and development update
Northern Petroleum (AIM: NOP), the AIM quoted oil company focusing on production led growth, provides the following update regarding production and development activities in north west Alberta, Canada:
§ net oil production in March was 432 barrels of oil per day which equates to sales for the month of approximately 13,400 barrels;
§ three additional wells to come on-stream in April following completion of workover programme;
§ 9-25 battery waiting regulatory approval before start-up which will initially add another three producing wells;
§ near term production will support the return of the US$1.4 million abandonment deposit paid to the Alberta Energy Regulator in January and now forecast to be returned in three monthly payments starting in June; and
§ following the completion of the winter programme a summer work programme will be developed for August and September, to achieve further production enhancements and operating cost synergies.
Keith Bush, Chief Executive Officer, commented:
"The Rainbow assets acquired at the beginning of this year continue to perform well and the Company is now receiving material monthly revenue from them. Production engineering and subsurface reviews conducted to date have identified significant opportunities to steadily grow production from this asset base with relatively low capital investment and risk. The Company is now focused on developing plans to realise these opportunities."
A further more comprehensive operational update will be provided following the completion of the winter work programme.
-Ends-
For further information please contact:
Northern Petroleum Plc Tel: +44 (0)20 7469 2900
Keith Bush, Chief Executive Officer
Nick Morgan, Finance Director
Stockdale Securities Limited (Nomad and Joint Broker) Tel: +44 (0)20 7601 6100
Alastair Stratton
Robert Finlay
David Coaten
FirstEnergy Capital LLP (Joint Broker) Tel: +44 (0)20 7448 0200
Jonathan Wright
Note to Editors:
Northern Petroleum is an oil and gas company focused on production led growth. The Company is undertaking a redevelopment and production project in north west Alberta and has a broader portfolio of exploration and appraisal opportunities in countries of relatively low political risk, primarily Italy. Comprehensive information on Northern Petroleum and its oil and gas operations, including press releases, annual reports and interim reports are available from Northern Petroleum's website: www.northernpetroleum.com