3 Jul 2007 07:00
Embargoed for release: 0700 on 3 July 2007
Northern Petroleum Plc ("Northern" or the "Company") OPERATIONS UPDATE - OTTOLAND WELL OTL-1ST2
Northern provides the following update on the activities associated with the re-entry drilling of the Ottoland discovery well:
Following the successful running of the slotted liner to Total Depth and the installation of the wellhead, the drilling rig was released on 27th June 2007 and the location prepared for the testing phase. The downhole configuration requires no further modification and will allow for the long term production from the well.
Testing equipment moved on to location 02 July 2007 to confirm rates prior to final design of facilities.
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 30 years experience as a petroleum geologist.
For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7743 6080
Derek Musgrove, Managing Director
Chris Foss, Finance Director
Graham Heard, Exploration and Technical Director
Investec Tel: +44 (0) 20 7597 5000
Michael Ansell / Paul Brett
Panmure Gordon & Co Tel: +44 (0) 20 7459 3600
Katherine Roe / Ashton Clanfield
Bishopsgate Communications Limited Tel: +44 (0) 20 7562 3350
Nick Rome / Maxine Barnes
Northern Petroleum Plc
Northern Petroleum Plc is an AIM listed oil and gas production, development and exploration company with core interests under its management in The Netherlands, Italy and the United Kingdom.
The Company has the second largest exploration position in Italy of licences under management where activities can be expected to pick-up as the result of the extra funds now available through the recently announced deal with Dyas. The Dyas deal also including an International Strategic Alliance for New Business.
Northern is currently embarked upon a programme to place two oil fields and four gas fields into production with works on the first two, Ottoland and Brakel currently underway.
The Company has recently acquired the management interests in the producing Waalwijk gas field where it intends to implement plans to increase late phase gas, production and move to develop a 30 Bcf underground gas storage facility alongside Star Energy and Essent. In addition an interest in the P12 gas field and two undeveloped gas discoveries were acquired from Dyas. The NPN deal with Dyas is the second gas production acquisition in 2007 to date.
In addition the Company has announced plans to drill a projected eastward extension of the producing Horndean oil field in West Sussex and another exploration well in the county.
Further information on Northern is available at www.northpet.com.
NORTHERN PETROLEUM PLC