13 Feb 2009 14:00
13 February 2009 Northern Petroleum Plc ("Northern" or "the Group") Commencement of Offshore Sicily Seismic Survey
Northern announces that its wholly owned subsidiary, Northern Petroleum (UK) Limited, has today commenced 2D seismic operations in its six West Sicily thrust belt licences G.R17.NP, G.R18.NP, G.R19.NP, G.R20.NP, G.R21.NP and G.R22.NP, and also in its permit C.R147.NP off Pantelleria island in the Sicily channel.
A total of over 2500km of seismic data will be acquired in these licences, with over 2000km covering the West Sicily thrust belt and approximately 500km in C.R147.NP. The survey is expected to last about six weeks.
The seismic acquisition in the West Sicily licences is part of the work programme to being funded by Shell Italia as part of the farm-in arrangement announced in December 2008. The aim of the survey is to obtain a better definition of the substantial leads identified in the previous seismic campaign.
A contract for the acquisition program has been signed with Bergen Oilfield Services ("BOS") and the data is being acquired using the vessel `BOS Angler'.
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For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7469 2900Derek Musgrove, Managing DirectorChris Foss, Finance DirectorGraham Heard, Exploration & Technical DirectorInvestec Tel: +44 (0) 20 7597 5000Michael Ansell / Patrick RobbBlue Oar Tel: +44 (0) 20 7448 4400Jerry Keen / Toby GibbsBishopsgate Communications (Press) Tel: +44 (0) 20 7562 3350
Nick Rome / Maxine Barnes
Buchanan Communications (Analysts) Tel: +44 (0) 20 7466 5000
Tim Thompson / Ben Romney
Notes to Editors:
Northern Petroleum ("Northern") has recoverable Proven and Probable reserves of 76.5 million barrels of oil equivalence.
Following a deal with the joint Shell and ExxonMobil subsidiary, NAM, Northern became the Netherland's second largest onshore oil company in terms of oil and gas reserves, with 45.5 million boe recoverable. It is currently producing gas at Waalwijk and the offshore P12 fields. The planned development of six onshore oil and gas fields is being progressed through the Netherlands authorisation and planning processes. Partners in these projects include Dyas B.V., EBN and NAM. Northern recently sold its interest in the Waalwijk Underground Gas Storage project application for an overall consideration of £10 million.
Northern manages the largest licensed exploration area in Italy, over 13,000 km ², predominantly offshore but includes seven licences in the Po Valley oil and gas province in the north of the country where the drilling of the Savio 222 bcf gas prospect is being progressed. Through its holdings in licences in the southern Adriatic covering the Rovesti and Giove oil discoveries it has net Probable oil reserves independently assessed at 26.6 million barrels recoverable. It has recently signed a deal with Shell Italia refunding Northern's past costs and providing for Shell Italia to fund the next phases of exploration of a potential new oil province in the extension of the Apennine thrust system offshore Sicily.
In the UK the Group is also a significant holder of licences in the south of England where it has a 10% interest in the production from the Horndean oil field and a 5% interest in the Avington oil field. In 2009 it is planning to drill an eastward extension of the Horndean oil field. Northern has a 50% interest in the venture.
Further information on Northern is available at www.northpet.com.
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