Cabot Energy Regulatory News (CAB)

2 Nov 2005 07:00

Embargoed: 0700hrs 2 November 2005 Northern Petroleum Plc ("Northern" or the "Company") Papekop Netherlands Licence Application Update Northern is pleased to announce that its subsidiary NP Netherlands B.V. ("NPN")has been informed that the Mining Council of the Netherlands, the Mijnraad, hasrecommended to the Minister of Economic Affairs that the Papekop licence beawarded to NPN.Following the decision of the Mijnraad, NPN is initiating detailed engineeringwork for the development of the Papekop oil and gas field which was discoveredin 1986 by Nederlandse Aardolie Maatschappij B.V ("NAM"). Following recentstudies, the field is now estimated to contain proven plus probable recoverablereserves in excess of 20 billion cubic feet of gas and 10 million barrels ofoil.Upon grant of a Production Licence the Netherlands state oil company has theright to elect to be a 40% full paying partner in the licenceFor further information:Derek MusgroveNorthern Petroleum PlcTel. 020 7743 6080Chris Roberts/Ben SimonsHansard CommunicationsTel. 020 7245 1100ENDNORTHERN PETROLEUM PLC