Cabot Energy Regulatory News (CAB)

30 Jan 2006 07:00

Embargoed: 30 January 2006, 07:00hrs Northern Petroleum Plc ("Northern" or "the Company" or "the Group") Re Spanish Agreements Northern announces the legal completion of the sale of its Spanish assets toGold Oil Plc ("Gold") and a subsidiary of Ascent Resources Plc ("Ascent").Following completion of the sale of its former subsidiary, Northern PetroleumExploration Limited ("NPEL"), Northern has been released from all abandonmentand environmental liabilities in respect of the Ayoluengo field and hasreceived repayment of both its cash balances and working capital, totallingapproximately ¢â€š¬730,000, in addition to the ‚£300,000 previously paid by Gold.Chris Foss, Finance Director stated:"We thank our former employees and colleagues at Ayoluengo for their hard workand dedication over the last three years and wish them, Gold and Ascent everysuccess with their ventures in Spain. Northern will, by means of an over-ridingroyalty derived from future production, benefit from any drilling successresulting from Ascent's planned appraisal programme on the Huermeces,Valderredible and Basconcillos-H licences.The redeployment from Spain allows the Company to meet its stated aim offocusing its resources, human and financial, on development projects of greaterpotential in the Netherlands where the Group is planning to bring six oldonshore oil and gas discoveries into production. It will also free up resourcesto progress the key assets within the Group's extensive Italian portfolio. Withthat in mind we are delighted to see that our 38.2% investment in OFEX quotedATI Oil Plc, our 50% partner in Italy, has increased significantly in marketvalue following the recent release of its interim accounts."For further information please contact:Northern Petroleum PlcChris Foss, Finance DirectorTel: 020 7743 6080Investec SecuritiesMichael AnsellAndrew ChenTel: 020 7597 5000Hansard CommunicationsChris RobertsBen SimonsTel. 020 7245 1100 Further information on Northern Petroleum Plc is available via our website, www.northpet.com ENDNORTHERN PETROLEUM PLC