11 Aug 2009 09:15
Embargoed for release: 11th August 2009
Northern Petroleum Plc
("Northern" or the "Company")
ENTERS FTSE AIM UK50 INDEX
The FTSE AIM UK50 Index, with effect from 11 August, includes Northern Petroleum Plc (Northern). At the close of trading on Monday 10 August NOP's shares closed at £1.30p giving it a market capitalisation of approximately £102.6million.
"We are pleased to become a constituent of the FTSE AIM UK50 Index. This reflects our continued growth and development. Our share price has outperformed the AIM All Share Index by 36% over the year to 10th August and the AIM Oil and Gas Index by 48% over the same period. Production from our field developments in The Netherlands is anticipated to exceed original expectations as a result of the successful results of our hydraulic fracturing programme. Once up and running these fields could provide substantial cash flow. Combined with further developments this could help us achieve further momentum." commented Richard Latham, Chairman, Northern Petroleum Plc.
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Northern Petroleum Plc Tel: +44 (0) 20 7469 2900
Derek Musgrove, Managing Director
Sophie Hull, Head of Corporate Communications
Bishopsgate Communications Limited (Press) Tel: +44 (0) 20 7562 3350
Nick Rome / Michael Kinirons
Buchanan Communications Limited (Analysts) Tel: +44 (0) 20 7466 5000
Tim Thompson / Ben Romney
Notes to Editors
Northern Petroleum Plc ("NOP") is an AIM quoted oil and gas production, development, exploration and asset trading company focused on areas of low political risk in Europe. Quoted on the London Stock Exchange the Company obtains significant concentrated licence positions and adds value at reasonable risk utilising new ideas together with new drilling, seismic, completion and computer technologies where it is believed that economic oil and gas production can be established. Efforts are concentrated in three countries (Netherlands, Italy and England) with the risk spread over in excess of 50 projects in 12 petroleum systems. It operates on both onshore and offshore projects including a producing gas field.
Following the acquisition of ATI Oil Plc, Northern has recoverable Proven and Probable reserves of approximately 103 million barrels of oil equivalence. It is currently producing gas at Waalwijk and the offshore P12 fields.
The planned development of six onshore oil and gas fields is being progressed with Dyas B.V., EBN, the Netherlands' state oil company, and NAM as partners.
Northern manages the largest licensed exploration area in Italy, with over 14,000 km², predominantly offshore, but includes six licences in the Po Valley oil and gas province in the north of the country.
In the UK Northern has licences in the south of England where it has a 10% interest in the production from the Horndean oil field and a 5% interest in the Avington oil field. It also has planning consents to drill 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.