4 Dec 2012 11:32
4th December 2012 Northern Petroleum Plc ("Northern" (AIM: NOP)) Guyane drilling programme statement
Northern Petroleum Plc announces that the Zaedyus-2 appraisal well (GM-ES-2), has completed drilling operations.
The well is located offshore French Guiana. It encountered a total of 85 metres of reservoir quality sands with oil shows in several objectives interpreted as not being connected to the Zaedyus-1 discovery well. The future drilling of the next three wells of this four well programme will target some of the greater undrilled prospectivity in both the Cingulata fan system that contains the Zaedyus oil discovery and at least one other major fan system in the licence.
Northpet Invetments Limited a company owned 50% by Northern Petroleum plc and 50% by Wessex Exploration plc. holds a 2.5% interest. Shell is Operator and holds a 45% stake, Tullow (27.5%), and Total (25%).
Derek Musgrove, Managing Director stated "We are looking forward to completing the four well drilling programme, each well of which will provide vital information in unlocking this prospective new oil province".
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.
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For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7469 2900Derek Musgrove, Managing DirectorGraham Heard, Exploration and Technical Director
Westhouse Securities (NOMAD and Broker) Tel: +44 (0) 20 7601 6100 Richard Baty / Petre Norton - Corporate Finance Ian Napier - Corporate Broking
FTI Consulting Tel: +44 (0) 20 7831 3113Billy Clegg / Edward Westropp
Bishopsgate Communications Tel: +44 (0) 20 7562 3350 Nick Rome
Notes to Editors:
Northern is a full cycle oil and gas company currently holding over 40 licences in a number of low risk areas and is continuing with its strategy of adding and securing value for shareholders as it engages with projects at all stages of the E&P value chain.
Comprehensive information on Northern and its oil and gas operations, including all press releases, annual reports and interim reports are available from Northern's website at www.northpet.com.
XLON