Cabot Energy Regulatory News (CAB)

12 Jun 2006 07:00

Embargoed for release: 0700 on 12 March 2006 Northern Petroleum Plc ("Northern" or the "Company") Upgrade of Reserves - Weald Basin Northern is delighted to announce the completion of a report commissioned bythe Company to re-examine some of the Group's Weald Basin assets to reflect a$40/bbl oil price.The report was carried out by Exploration Consultants Limited ("ECL"), aleading independent reservoir engineering consultancy group, as a follow up totheir review completed last year which was announced by the Company on 4 May2005.The following results were obtained:-Net Northern ReservesProved Proved + Probable + 1.58MMstb * 4.51MMstb The previously reported Weald Basin reserves were 1.27MMstb proved and3.61MMstb proved plus probable.Derek Musgrove, Managing Director of Northern commented:"These further improvements in reserves are as a direct result of the increasein commodity prices, which improve the economics and therefore enable morereserves to be extracted profitably. I would add however that the report doesnot cover all the leads and prospects within the Weald Basin that Northern isworking on.The Avington-3 well, in which we have a 5% interest, is shortly to be testedand we are planning, as operator, the drilling of two further Weald Basin wellsin which Northern holds a 50% interest. "In accordance with the AIM Rules - Guidance for Mining and Oil & Gas Companies,the information contained in this announcement has been reviewed and signed offby the Exploration Manager of Northern, Mr Graham Heard BSc (Hons), who hasover 30 years experience as a petroleum geologist. The reserve estimatesreported are based on the joint reserve and resource definitions of the Societyof Petroleum Engineers, the World Petroleum Congress and the AmericanAssociation of Petroleum Geologists.For further information please contact:Northern Petroleum PlcDerek Musgrove, Managing DirectorGraham Heard, Exploration ManagerTel: +44(0)20 7743 6080InvestecMichael AnsellTel: +44(0)20 7597 5000Panmure Gordon & CoKatherine RoeTel: +44(0)20 7459 3600Hansard CommunicationsChris RobertsBen SimonsTel. +44(0)20 7245 1100Further information on Northern Petroleum Plc is available via our website,www.northpet.com* MMstb - millions of stock tank barrels of oilENDNORTHERN PETROLEUM PLC