11 Jul 2007 07:30
11 July 2007 Northern Petroleum Plc ("Northern" or "the Company") Oil Flow Testing - Ottoland-1 (sidetrack) Progress Report
Northern announces that it has been undertaking a series of oil flow rate tests since July 6th. The tests have yielded oil at unstabilised flow rates measured in excess of 1000 bopd.
The oil at present has been analysed as flowing from only a limited portion of the reservoir intersection and operations have been re-started to "clean up" drilling material from the further extent of the horizontal intersection.
Encouragingly the gas oil ratio (GOR) encountered to date appears to be low. The crude has been provisionally analysed as 33‚° API.
Derek Musgrove, Managing Director of Northern, stated: "No conclusion should be drawn at this stage except that the well is flowing oil at encouraging rates and we are undertaking clean up operations to improve it. Testing is ongoing".
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 PlcDerek Musgrove, Managing DirectorChris Foss, Finance DirectorGraham Heard, Exploration and Technical DirectorTel: +44 (0)20 7743 6080InvestecMichael Ansell / Paul BrettTel: +44 (0)20 7597 5000Panmure Gordon & CoKatherine Roe / Ashton ClanfieldTel: +44 (0)20 7459 3600Bishopsgate Communications LimitedMaxine Barnes / Nick RomeTel: +44 (0) 20 7562 3350Northern 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