9 Sep 2011 07:05
Embargoed for release: 0705 on 9 September 2011
Northern Petroleum Plc (AIM: NOP) New Offshore Oil Basin Discovery
Northern Petroleum Plc announce that on 9 September 2011 Tullow Oil plc (Tullow) issued a news release stating "that the Zaedyus exploration well (GM-ES-1), offshore French Guiana, has made an oil discovery having encountered 72 metres of net oil pay in two turbidite fans. Results of drilling, wireline logs and samples of reservoir fluids show that the well has encountered good quality reservoir sands on prognosis.
The objective of the Zaedyus well was to test whether the Jubilee-play, successfully established in West Africa, was mirrored on the other side of the Atlantic. This discovery therefore opens a new hydrocarbon basin within which several neighbouring prospects have been mapped. This result also reduces the exploration risk associated with Tullow's prospect inventory offshore French Guiana, Suriname and Guyana. An appraisal programme and extensive follow-up exploration activities will now be considered.
The Zaedyus well is being drilled in the Guyane Maritime licence using the ENSCO 8503 deepwater semi submersible. The well was drilled in water depths of 2,048 metres and has been drilled to a depth of 5,711 metres. Drilling operations will now continue and the well will be deepened to over 6,000 metres to calibrate the deeper geology. The well will then likely be sidetracked to enable cores to be obtained over the reservoir sections.
Tullow (27.5%) operates the Guyane Maritime license and is partnered by Shell (45%), Total (25%) and Northpet (2.5%), a company owned 50% by Northern Petroleum plc and 50% by Wessex Exploration plc."
Angus McCoss, Tullow's Exploration Director, commented today:
"The discovery at Zaedyus has proved the extension of the Jubilee-play across the Atlantic and made an important new discovery in French Guiana. Tullow has built a commanding and unique acreage position in South America and this result marks the start of a significant and potentially transformational long-term exploration and appraisal campaign in the region."
Derek Musgrove, Managing Director of Northern Petroleum Plc, also commented today:
"This has been and continues to be an adventurous well both in terms of petroleum geology and technical operations challenge in over 2000 metres of water. It has taken some time, but we are beginning to feel that the results are encouraging.
It is a pleasurable experience to be working in an exploration group with Tullow, Shell and Total encountering and overcoming the operational challenges. I trust that we have gained some useful experiences to apply in the future offshore Italy where our interests are greater."
-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
Cenkos Securities (NOMAD and Joint Broker)Jon Fitzpatrick Tel: +44 (0) 20 7397 8900Ken Fleming / Beth McKiernan Tel: +44 (0) 131 220 6939Jefferies 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 3350Nick Rome/Shabnam BashirNotes to Editors:
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