28 Jun 2010 07:00
Embargoed for release: 0700 on 28 June 2010
Northern Petroleum Plc ("Northern" or the "Company") Northern signs strategic seismic collaboration agreement with PGS Ventures AS
* Agreement to collaborate on design of geophysical programmes across
Northern's assets
* Northern to gain access to view PGS' multi-client seismic data in the
Mediterranean, North Sea and other areas of mutual agreement
* Collaboration in identifying potential new licences for Northern
Northern (AIM:NOP), an independent oil and gas exploration, development and production company, announces that it has signed a strategic collaboration agreement with PGS Ventures AS ("PGS Ventures"), a division of Petroleum Geo Services ASA ("PGS"), an industry leader in offshore seismic data acquisition and processing.
The agreement formalises an already successful relationship between the two companies and will allow them to co-operate on offshore seismic survey design and acquisition parameters across Northern's portfolio. Where possible, and as appropriate, Northern will seek to leverage on PGS' proprietary technology such as the "GeoStreamer" seismic acquisition system. In addition, Northern will also gain access to view PGS's significant multi-client seismic database, including offshore Italy and The Netherlands.
Graham Heard, Exploration & Technical Director of Northern, commented:
"This agreement formalises and further builds on our established working relationship with PGS. Earlier this year Northern acquired a 1520 km² 3D seismic survey offshore Sicily utilising PGS's unique "GeoStreamer" technology which was targeted at providing the highest resolution of the substantial structures already mapped on 2D seismic data within the fold and thrust belt setting. Northern has other highly prospective acreage offshore Italy, such as in the southern Adriatic, where seismic surveys are planned to enhance prospectivity and thereafter seek improved farmout terms for drilling.
"We look forward to working with PGS Ventures to improve the development potential of our substantial asset portfolio further both in Italy and The Netherlands. Northern will also benefit from access to the PGS data library, which will allow us to evaluate opportunities for additional expansion."
Aaron D'Este, commenting on behalf of PGS Ventures, added:
"We are delighted to enter this collaboration agreement with Northern which will allow us to broaden the already existing working relationship. In addition, the PGS proprietary "GeoStreamer" acquisition technology and the viewing rights to PGS Multi Client seismic data will offer Northern unique possibilities to create company value for its shareholders."
For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7469 2900 Graham Heard, Exploration & Technical Director Chris Foss, Director of Legal & Corporate Affairs
Sophie Hull, Head of Corporate Communications
PGS Ventures Tel: +44 (0) 1932 376 493 Aaron D'Este
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:About Northern
Northern Petroleum Plc is independent oil and gas Exploration Company listed on the AIM market in London focused on the European Union and nearby areas.
Comprehensive information on Northern and its oil and gas operations, including all press releases, annual reports and interim reports are available from Northern's website at www.northpet.com.
Northern in Italy
The Company manages its largest licensed exploration area in Italy, over 18,750km², predominantly offshore, but which includes five onshore permits in the Po Valley gas and oil province in the north of the country. Exploratory evaluation of six offshore thrust belt licences, on which earlier this year Northern acquired a 1520 km² 3D seismic survey, is being undertaken in partnership with Shell Italia E&P S.p.A.
The Italian assets contribute to 53.2 million boe of net Probable oil reserves from 32 Italian licences and applications beyond contest.
About PGS
Petroleum Geo-Services ("PGS") offers a broad range of products including; seismic and electromagnetic services, data acquisition, processing, reservoir analysis/interpretation and multi-client library data. PGS helps oil companies to find oil and gas reserves offshore worldwide.
PGS was founded in Norway in 1991, with 2 seismic ships and some highly innovative ideas on how to reshape the industry. Today, PGS shares the same drive to innovate as inspired its founders, though the team is bigger:
• 16 offshore seismic vessels
• 23 data processing centers
• 41 offices worldwide, employing 67 nationalities
PGS has offices in over 25 countries with regional centres in London, Houston and Singapore. The PGS headquarters is in Oslo, Norway and the PGS share is listed on the Oslo stock exchange .
Comprehensive information on PGS is available on its website at www.pgs.com.
About PGS Ventures
PGS Ventures is the external investment arm of PGS. Established in 2008, PGS Ventures makes direct investments in oil & gas companies worldwide that engage actively in exploration. Leveraging capabilities across the PGS group, PGS Ventures is able to provide a unique combination of financial and technical solutions to its partners.
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