Cabot Energy Regulatory News (CAB)

31 Oct 2005 07:01

Embargoed: 31 October 2005 Northern Petroleum Plc ("Northern" or "the Company") Guyane Operations - UpdateNorthern Petroleum wishes to update shareholders on its operations in Guyanefollowing the quarterly report issued by Hardman Resources Limited ("Hardman"),operator of the Exclusive Exploration Licence ("EEL") issued over the offshorewaters of Guyane. Hardman has reported that it is shortly to commence dataacquisition, with the programme to include the recording of approximately 1,600km of 2D and 300 km‚² of 3D seismic data. Northern owns a 1.25% net beneficialinterest in the Guyane EEL through its shareholding in Northpet InvestmentsLimited.This new seismic data acquisition is aimed at maturing a number of leadsalready developed within the EEL as a result of the previous 7,500 km 2Dseismic survey to prospect status by the end of the first quarter of 2006.Hardman has also reported that preparations continue on the Guyane drillingprogramme for 2006, which will consist of one firm well and one contingentwell.Derek Musgrove, Managing Director of Northern, stated:"Many of the leads and prospects that have been mapped in the past and alreadyreported on are of a very substantial size and six are estimated to have apotential of greater than 1 billion barrels of recoverable oil.We are pleased to make progress towards a final determination of a drillableprospect that Hardman have stated they plan to drill during 2006. Our 1.25 %net beneficial interest in any discovery within the licence could have a verysubstantial impact upon this company." -Ends- For further information contact:Derek MusgroveNorthern Petroleum PlcTel. 020 7743 6080Chris Roberts/Ben SimonsHansard CommunicationsTel. 020 7245 1100ENDNORTHERN PETROLEUM PLC