2 Oct 2007 07:00
2nd October 2007 Northern Petroleum Plc ("Northern" or "the Company")
Final Transfer of Gas Production approved - extra 207 million cubic feet now accrues in first half 2007.
Northern is pleased to announce that The Netherlands authorities have given their final approvals to the transfer of the Dyas B.V. interests in offshore licence P12 (23.611%) which was part of a transaction between Dyas B.V. and Northern Petroleum Nederland announced on April 23rd 2007.
This action is considered to crystallise the gain of over ‚£13 million referred to as a prepayment creditor in the recent announcement of results for the half year to 30th June 2007. The income is from the P12 gas field accrue from January 1st 2007 and result from the production and sale of gas. Production for the half year attributable to NPN was 207 million standard cubic feet of gas.
Shareholders are advised that the Waalwijk facilities recently underwent a pre-scheduled two week 7 year maintenance programme and all wells in the field were back on-stream on September 27th, 2007.
Derek Musgrove, Managing Director of Northern said: "We are delighted that the final details of the NPN profitable transaction with Dyas B.V are now completed. Dyas, a wholly-owned subsidiary of SHV Holdings NV., Holland's largest private company, is an active investor in oil and gas exploration, development and production joint ventures, always as a non-operator, with a focus on onshore the Netherlands and the North Sea and we believe that this is great news for Northern and that Dyas will be excellent partners moving forwards."
Northern Petroleum PlcDerek Musgrove, Managing DirectorChris Foss, Finance DirectorGraham Heard, Exploration and Technical DirectorTel: +44 (0)20 7743 6080InvestecMichael Ansell / Paul BrettTel: +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