28 Jan 2011 07:00
Embargoed for release: 0700 on 28 January 2010
Northern Petroleum Plc ("Northern" or "the Company" (AIM: NOP)) Guyane Update
Northern notes that in respect of the Guyane Maritime Block in which Northern holds a 1.25% interest, Tullow Oil plc ("Tullow") in their Trading Statement and Operational Update dated 27 January 2011 stated:
"Following the acquisition and processing of a large 3D seismic programme in late 2009/early 2010 in the Guyane Maritime Block (Tullow 27.5%), a portfolio of Upper Cretaceous Jubilee-type prospects and leads have been identified. The partnership has contracted the ENSCO 8503 rig and expects to commence drilling the Zaedyus prospect in Q1 2011."
The Partners in the Guyane Maritime licence are:
Tullow (Operator) 27.5%Shell 45%Total 25%
Northern 1.25% (Northpet Investments Limited ("Northpet") holds a 2.5% interest; Northern and Wessex Exploration PLC each own a 50% equity interest in Northpet)
"It is encouraging that Tullow has recognised prospects that have similarities to their operated Jubilee Field in Ghana which has reported mid case reserves of 370 mmbo. The Zaedyus prospect has, as estimated by the Operator, P10 gross upside reserves of 700 mmbo and is an exciting prospect in this untested basin with significant follow up exploration potential" commented Graham Heard, Exploration and Technical Director of Northern.
- Ends -
For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7469 2900 Derek Musgrove, Managing Director Chris Foss, Director of Finance, Legal & Corporate Affairs Graham Heard, Exploration & Technical Director
Sophie Hull, Head of Corporate Communications
Cenkos Securities (NOMAD and Joint Broker) Jon Fitzpatrick Tel: +44 (0) 20 7397 8900 Ken Fleming / Beth McKiernan Tel: +44 (0) 131 220 6939 Jefferies International (Joint Broker) Tel: +44 (0) 20 7029 8000
Chris Snoxall / Marco Baruzzi
Financial Dynamics Tel: +44 (0) 20 7831 3113 Billy Clegg / Edward Westropp Bishopsgate Communications Tel: +44 (0) 20 7562 3350
Nick Rome / Michael Kinirons
Glossary
boepd - barrel(s) of oil equivalence per day
P10 Reserves are with those with a notional 10% probability - "Possible" of being produced using current or likely technology at current prices, with current commercial terms and government consent.
P2 - Proven plus Probable reserves
Probable - Probable reserves are those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable in this context and when probabilistic methods are used, there should be at least a 50 per cent probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves.
Proved - Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions.
mmbo - Million barrels of oil
In accordance with the 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.
Notes to Editors:
Northern Petroleum Plc (NOP) is an oil and gas company with exploration, development and production assets in the Netherlands, Italy, UK and Guyane. The Company's strategy is to acquire low entry cost exploration, production and development assets. Through undertaking geological, geophysical and engineering work, Northern adds value to shareholders from production and asset sales.
Northern has total P2 reserves of in excess of 102 million barrels of oil equivalence ("mmboe"). In The Netherlands, where Northern has P2 reserves of 42.5 mmboe, Northern has six gas fields in production. In Italy, where Northern has P2 reserves of 53.16 mmboe, Northern is partnered with Shell and is pursuing a farm-out strategy. In the UK, Northern has 7.02 mmboe of P2 reserves. In Guyane, Northern is partnered with Tullow, Shell and Total. Northern's reserve position is detailed within the Company's 2010 Interim Report dated 29th September 2010 which is available on Northern's website.
Northern is well capitalised, has a track record of partnering with oil majors and is run by a senior and experienced management team.
Now that Wijk en Aalburg is in production, Northern is forecasting a production rate of between 2,200-2,300 boepd. This rate of production will increase as additional oil and gas fields in the Netherlands come on stream.
Northern is listed on the AIM market of the London Stock Exchange.
www.northpet.com
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