Cabot Energy Regulatory News (CAB)

30 Jun 2005 12:00

Embargoed: 1300hrs 30 June 2005 Northern Petroleum Plc ("Northern" or the "Company") Isle of Wight Drilling Update Northern announces that it has received a letter from British Drilling andFreezing Limited ("BDF") advising that operational issues at the Houghton Maindrilling site have resulted in the need for the well at that site to becontinued. Northern has been in discussions with BDF to clarify the exactextent of the delay, estimated by them to be of three weeks, in mobilising BDFRig 28 to the Sandhills-2 site, so as to allow a fully informed press releaseto be issued to shareholders. As yet, adequate clarification has not beenforthcoming and discussions with BDF are ongoing. It is intended thatshareholders will be updated as soon as the Company has received suchclarification from BDF.Derek Musgrove, Managing Director, commented:"Whilst this last minute delay is immensely frustrating and operationallydisruptive to Northern and its joint venture partners, it does nothing to alterthe fundamentals of our Isle of Wight projects. I look forward to the drillingof the Sandhills-2 appraisal well and the Bouldnor Copse-1 exploration well."Contacts:Chris Roberts / Ben SimonsHansard CommunicationsTel. 020 7245 1100Information for editorsThe Sandhills-2 joint venture partners are:Northern Petroleum (GB) Ltd 57.5% Magellan Petroleum (N.T.) Pty Ltd 22.5% Montrose Industries Ltd 5% Black Rock Resources (UK) Ltd 5% Oil Quest Resources Plc 7.5% Oil & Gas Investments Ltd 2.5% ENDNORTHERN PETROLEUM PLC