GreenRoc Accelerates their World Class Project to Production as Early as 2028. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCabot Energy Regulatory News (CAB)

  • There is currently no data for CAB

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Correction : Adriatic Resource Upgrade

10 Mar 2008 18:16

Following Northern Petroleum plc¢â‚¬â„¢s announcement as of 07.00am, Monday 10 March 2008, the issuer wishes to advise that the second paragraph has been corrected to read as follows:

Following a comprehensive independent technical appraisal by Blackwatch Petroleum Services Limited (¢â‚¬"Blackwatch¢â‚¬), the combined potential of the prospects has increased to 2.29 billion barrels (previously 1.26 billion barrels) of oil in place at a P50 probability, rising to a potential of 6.03 billion barrels at a P10 probability.

The full announcement follows:

NORTHERN PETROLEUM PLC ("Northern" or "the Company") INDEPENDENT UPGRADEOF EXPLORATION POTENTIAL OF ADRIATIC SEA LICENCES

Northern Petroleum is pleased to announce a significant resource upgrade of six of its drilling prospects in the Adriatic Sea.

Following a comprehensive independent technical appraisal by Blackwatch Petroleum Services Limited ("Blackwatch"), the combined potential of the prospects has increased to 2.29 billion barrels (previously 1.26 billion barrels) of oil in place at a P50 probability, rising to a potential of 6.03 billion barrels at a P10 probability.

Northern has a 100% interest in each licence. ATI holds a 50% commercial interest in the projects. With a 37.05% shareholding in ATI, Northern's total net beneficial interest is 1.569 to 4.132 billion barrels of prospective oil in place.

All the prospects are within licences F.R39.NP and F.R40.NP, an area of 1470 km ‚². The report does not cover a total further area of 2011 km‚² which is covered by three further preliminary licence awards.

Northern is working towards agreements with both downstream companies and marine service companies towards forming arrangements to move forward with field appraisal and developments for the Rovesti and Giove fields within current financial resources.

Derek Musgrove, Managing Director of Northern, said:

"This is an upgrade to the announcement made last year adding over 1 billion barrels to the independent estimates by Blackwatch P50 estimates, closer to the 3.5 billion barrels oil in place P50 exploration potential calculated by Northern and previously by Enterprise Oil Plc.

"I feel that this provides further substantiation of our view of the very considerable resource potential of the five licences and preliminary awards in the southern Adriatic."

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, Mr Graham Heard CGeol FGS, who has over 30 years experience as a petroleum geologist.

For further information please contact:

Northern Petroleum PlcDerek Musgrove, Managing DirectorChris Foss, Finance DirectorGraham Heard, Exploration and Technical DirectorTel: +44 (0)20 7469 2900

Investec

Michael Ansell / Patrick RobbTel: +44 (0) 20 7597 5000Panmure Gordon & CoKatherine Roe / Ashton ClanfieldTel: +44 (0)20 7459 3600Bishopsgate Communications LimitedMaxine Barnes / Nick RomeTel: +44 (0) 20 7562 3350

NORTHERN PETROLEUM PLC
Date   Source Headline
31st Aug 20162:10 pmRNSHolding(s) in Company
22nd Jul 201612:07 pmRNSSecond Price Monitoring Extn
22nd Jul 201612:02 pmRNSPrice Monitoring Extension
14th Jul 20167:00 amRNSAward of options
7th Jul 20167:00 amRNSCanadian production and operational update
25th May 20162:58 pmRNSResult of AGM
25th May 20167:00 amRNSAnnual General Meeting
11th May 20162:18 pmRNSHolding(s) in Company
10th May 20167:00 amRNSProduction update
21st Apr 20167:00 amRNSAnnual Report and Notice of Annual General Meeting
6th Apr 20167:00 amRNSCanadian production and development update
15th Mar 20167:00 amRNSCanadian production and development update
22nd Jan 20167:00 amRNSCompletion of acquisition and Corporate update
14th Jan 20164:31 pmRNSHolding(s) in Company and Change of Nomad Name
15th Dec 201511:21 amRNSHolding(s) in Company
15th Dec 20158:51 amRNSHolding(s) in Company
15th Dec 20157:00 amRNSCanadian acquisition consideration paid
7th Dec 20157:00 amRNSResult of Open Offer
3rd Dec 20151:55 pmRNSResult of General Meeting and Timetable Update
16th Nov 20157:00 amRNSSubscription, Open Offer, Notice of GM...
12th Nov 20153:02 pmRNSSubscription, Acquisition, Open Offer & Update
30th Sep 20157:00 amRNSOperational Update and Interim Results
16th Jun 20157:00 amRNSItalian exploration permit approvals
11th Jun 20157:00 amRNSProduction restart
10th Jun 20157:00 amRNSItalian environmental impact assessment approvals
20th May 20151:39 pmRNSResult of AGM
20th May 20157:00 amRNSAnnual General Meeting
19th May 20157:00 amRNSProduction update
13th May 20156:15 pmRNSHolding(s) in Company
11th May 20157:00 amRNSIncentive schemes
8th May 20157:00 amRNSCompletion of Italian farm out to Shell
27th Apr 20157:00 amRNSChange of Registered Office
24th Apr 20157:00 amRNSAnnual Report and Notice of Annual General Meeting
16th Apr 20155:07 pmRNSHolding(s) in Company
16th Apr 20157:00 amRNSPreliminary Full Year Results
31st Mar 20157:00 amRNSCorporate Update & Board Change
20th Mar 201511:30 amRNSHolding(s) in Company
5th Mar 20157:00 amRNSOnshore Italian permit farm out to Shell
23rd Feb 20154:18 pmRNSHolding(s) in Company
18th Feb 20152:55 pmRNSHolding(s) in Company
10th Feb 20157:00 amRNSDrilling and production update
13th Jan 20157:00 amRNSDrilling and production update
29th Oct 20147:00 amRNSUpdated corporate presentation
28th Oct 201412:18 pmRNSDirectors' dealings
23rd Oct 20142:55 pmRNSUpdated technical presentation
23rd Oct 20147:00 amRNSDirector/PDMR Shareholding
21st Oct 20147:00 amRNSDrilling and production update
20th Oct 20144:35 pmRNSPrice Monitoring Extension
20th Oct 20147:00 amRNSCompletion of the sale of the UK assets
17th Sep 20147:00 amRNSDrilling Update & Interim Results

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.