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