27 Jun 2007 11:09
For immediate release: 27 June 2007
Northern Petroleum Plc ("Northern" or "the Company") Result of AGM & AGM Statement
At the Annual General Meeting ("AGM" or "the meeting") of the Company held today all the resolutions put before the Members were passed.
At the meeting the Chairman, Richard Latham, made the following statement:
"In the period since the last Annual General Meeting the Company has been transformed.
"Recent transactions have brought production in The Netherlands which is attributable from 1 January 2007. They have also enhanced Northern's cash resources. Northern has added new projects to its portfolio, including an interesting Underground Gas Storage project for which Star Energy is covering our share of all front end feasibility costs.
"I expect that further assets will be added through the Strategic Alliance project with Dyas B.V. Whilst on this subject I will clarify that additional payments of ¢â€š¬13 million to the Company over the next three years are by way of an entry fee and not a payment for future expenditures.
"After the success of our first Northern operated well in The Netherlands, we now look forward to putting our six development projects into production. Shareholders can also expect increased activity levels on our Italian portfolio. The data room for our high potential offshore Sicily licences will close during the third quarter having received much interest from major oil companies.
"We intend to aggressively pursue the potential of our recently awarded Southern Adriatic licences FR39 and FR40, which, together with three other applications, we see as a significant new core area to create additional shareholder value. Independent engineers have already been commissioned to review the Giove and Medusa discoveries in order to verify the reserve potential and development options.
"In the UK we look forward to an appraisal well, Markwells Wood - 1, which is mapped as the easterly extension of the Horndean oil field into our 50% owned licence. Elsewhere in the Weald basin Avington - 3, designed as a production well, is currently being drilled by Star Energy.
"You should join me in being confident that we have in place a very experienced core team that can realise the full potential of Northern's assets so patiently acquired as part of our long term strategy. On behalf of all shareholders I thank them for their continued hard work and dedication for which the result has been another successful year for the Company. The technical and commercial ability of our team gives me every confidence of greater achievements to come, and that our patient shareholders will continue to be rewarded."
-Ends-
For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7743 6080
Richard Latham, Chairman
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
Further information on Northern Petroleum Plc is available via the website, www.northpet.com
NORTHERN PETROLEUM PLC