22 Mar 2010 10:19
Northern Petroleum Plc ("Northern" or "the Group") COMPLETION OF OFFSHORE SICILY SEISMIC 3D SURVEY
Northern announces that on 20th March 2010 it completed the seismic operations in offshore West Sicily thrust belt covering four licences - G.R17.NP, G.R20.NP, G.R21.NP and G.R22.NP. Seismic acquisition commenced on 14 January 2010 and a total of 1520 km² of 3D seismic data has been acquired using the vessel `M/V Atlantic Explorer' contracted from Petroleum Geo-Services Asia Pacific-Pte Limited.
The seismic acquisition is part of the work programme being funded by Shell Italia E&P S.p.A. ("Shell") as part of the farm-in arrangement announced in December 2008. The aim of the survey is to obtain a better quality, and more complete, definition of the encouraging structures identified by the two previous 2D seismic campaigns, and firm up prospects for drilling.
Under the terms of the farm-in agreement Shell holds 55% in G.R17.NP, and 70% in G.R20.NP, G.R21.NP and G.R22.NP.
In accordance with the 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 Petroleum Plc, Mr. Graham Heard CGeol FGS, who has over 35 years experience as a petroleum geologist.
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For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7469 2900
Derek Musgrove, Managing Director
Chris Foss, Finance Director
Graham Heard, Exploration & Technical Director
Sophie Hull, Head of Corporate Communications
Jefferies International Limited Tel: +44 (0) 20 7029 8000
Chris Snoxall / Schuyler Evans
Astaire Securities Tel: +44 (0) 20 7448 4400
Jerry Keen / Toby Gibbs
Notes 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 (The 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 six 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. It also has planning consents to drill in the near future an eastward extension of the Horndean oil field and an exploration well at Havant. Northern has a 50% interest in these ventures.
For further information on Northern visit www.northpet.com.
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