Cabot Energy Regulatory News (CAB)

6 Oct 2005 10:00

Immediate release: 6 October 2005 Northern Petroleum Plc ("Northern" or "the Company") Sale of Subsidiary Northern Petroleum Plc announces that it has sold its wholly owned subsidiary,Northern Petroleum Exploration Limited (NPEL) to Gold Oil Plc for aconsideration of ‚£300,000.NPEL's sole asset is, after a net profit share due to a third party, a 22.5%net interest in the Spanish Ayoluengo field currently producing on average 110barrels of oil per day.Derek Musgrove, Managing Director stated: "We have taken the view that, havingregard to the low profit margin yielded by this asset, both management andfinancial resources will be more beneficially utilised in developing our newprojects in the Netherlands.We have already committed to develop two discoveries onshore Holland for whichwe estimate gross expected in-place volumes to be 102 billion cubic feet (bcf)of gas and 20 million barrels of oil. We also have an option to commit todevelop a further three discoveries. In addition we have an outstandingapplication for a production licence to develop the Papekop field which willadd a further gross expected in-place volume of 30bcf gas and 37 millionbarrels of oil.We consider the Netherlands projects to be more attractive to the Company withconsiderably greater potential for our shareholders."For further information please contact:Derek MusgroveNorthern Petroleum PlcTel: 020 7743 6080Chris Roberts/Ben SimonsHansard Communications020 7245 1100ENDNORTHERN PETROLEUM PLC