13 Nov 2013 07:00
Embargoed for release: 13 November 2013 at 07.00
Northern Petroleum Plc ("Northern")
French Guiana GM-ES-5 Well Completion
Northern Petroleum Plc (AIM:NOP) announces that GM-ES-5, the final well of the 2012 -2013 four well exploration programme in the Guyane Maritime Permit (offshore French Guiana) has been drilled to a total depth of 6,460 metres and the well will now be plugged and abandoned. Reservoir evaluation work has been conducted and the reservoir sequences were encountered as expected but with no evidence of hydrocarbons.
The Joint Venture will now integrate the data from all five wells with the 3D seismic to determine future exploration plans on this licence, which covers 24,100 square kilometres. Once the drill ship, the Stena ICEMax, has completed the abandonment operations it will move to a location outside French Guiana and be off contract from the Joint Venture.
Northern currently owns an effective 1.3 per cent equity interest in the Guyane Maritime Permit through its 52% holding in Northpet Investments Limited ("Northpet"), a joint venture with Wessex Exploration PLC. Northpet holds a 2.5 per cent equity interest in the Guyane Maritime Permit with partners Shell, (Operator), holding 45 per cent, Tullow Oil holding 27.5 per cent and Total holding 25 per cent.
Keith Bush, Chief Executive Officer, commented:
"With the completion of this well, the Joint Venture will now concentrate on the integration of the data gathered over the last two years in French Guiana. This will enable Northern to establish the value of the licence to the company and determine the best route to realise that value."
In accordance with 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 35 years' experience as a petroleum geologist. He has compiled, read and approved the technical disclosure in this regulatory announcement. The technical disclosure in this announcement complies with the SPE/WPC standard.
For further information please contact:
Northern Petroleum Plc Tel: +44 (0)20 7469 2900
Keith Bush, Chief Executive Officer
Nick Morgan, Finance Director
Graham Heard, Exploration and Technical Director
Westhouse Securities (Nomad and Broker) Tel: +44 (0)20 7601 6100
Richard Baty, Corporate Finance
Ian Napier, Corporate Broking
FTI Consulting Tel: +44 (0)20 7831 3113
Edward Westropp, Shannon Brushe
Note to Editors:
Northern is an oil and gas company currently holding licences in countries of relatively low political risk and is continuing with its strategy of adding and securing value for shareholders as it enters into projects at all stages of the exploration and production value chain. Comprehensive information on Northern and its oil and gas operations, including press releases, annual reports and interim reports are available from Northern's website: www.northpet.com.