22 Nov 2010 11:06
22nd November 2010 Northern Petroleum Plc ("Northern") Spudding of Markwells Wood
Northern (AIM:NOP) is pleased to announce that the Markwells Wood -1 well was spudded at 15:00hrs on 21 November 2010. The location is between the Horndean and Singleton producing oil fields and is assessed to be an extension of the former. The final measured depth will be 6009 ft (1831m) at a true vertical depth of 4528 ft (1380m).
The well will test a target with a mean potential independently assessed at 35.0 million barrels of oil in place, with an upside potential of 61.4 million barrels with a ten percent probability. A further announcement will be made once drilling is completed, or as appropriate.
The Licence Partners in the Markwells Wood well are:
Northern Petroleum (GB) Limited 50%
Magellan Petroleum (UK) Limited 40%
Egdon Resources U.K. Limited 10%
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 35 years experience as a petroleum geologist.
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For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7469 2900 Derek Musgrove, Managing Director Chris Foss, Director of Finance, Legal & Corporate Affairs Graham Heard, Exploration & Technical Director Sophie Hull, Head of Corporate Communications Cenkos Securities (NOMAD and Joint Broker)
Jon Fitzpatrick Tel: +44 (0) 20 7397 8900 Ken Fleming Tel: +44 (0) 131 220 6939
Jefferies International (Joint Broker) Tel: +44 (0) 20 7029 8000
Chris Snoxall Financial Dynamics Tel: +44 (0) 20 7831 3113
Billy Clegg / Edward Westropp Bishopsgate Communications Tel: +44 (0) 20 7562 3350 Nick Rome / Michael Kinirons
Notes to Editors:
Northern Petroleum Plc (NOP) is an oil and gas company with exploration, development and production assets in the Netherlands, Italy, UK and Guyane. The Company's strategy is to acquire low entry cost exploration, production and development assets. Through undertaking geological, geophysical and engineering work, Northern adds value to shareholders from production and asset sales.
Northern has total P2 reserves of in excess of 102 million barrels of oil equivalent ("mboe"). In the Netherlands, where Northern has P2 reserves of 42.5 mboe, Northern has five gas fields in production. In Italy, where Northern has P2 reserves of 53.16 mboe, Northern is partnered with Shell and is pursuing a farm-out strategy. In the UK, Northern has 7.02 mboe. In Guyane, Northern is partnered with Tullow, Shell and Total.
Northern is well capitalised, has a track record of partnering with oil majors and is run by a senior and experienced management team.
Once Wijk en Aalburg is brought on production, Northern is forecasting a production rate in excess of 2,250 barrels of oil equivalent per day. This rate of production will increase as additional oil and gas fields in the Netherlands come on stream.
Northern is listed on the AIM market of the London Stock Exchange.
www.northpet.com
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