9 Nov 2011 07:16
Embargoed for release: 0705 on 9 November2011
Northern Petroleum Plc ("Northern" (AIM: NOP)) Update re Guyane Oil Discovery
Northern announces that earlier today, Tullow Oil Plc ("Tullow") in their Interim Management Statement provided the following update on well GM-ES-1, in the Guyane Maritime Permit, in which Northern has a 1.25% interest:
"In French Guiana, the Zaedyus exploration well discovered 72 metres of net oil pay in two turbidite fans. This is the first well in Tullow's extensive Guyana Basin acreage and successfully proved that the Jubilee play is mirrored across the Atlantic from West Africa. Currently, a sidetrack is being drilled to recover reservoir cores with operations expected to complete in mid-November. The partners are working on the 2012 programme and anticipate it to include 3D seismic and the drilling of two wells which is expected to commence in mid-2012 once all the necessary approvals have been obtained. Shell is expected to take over Operatorship of the block in early 2012, subject to Government and Joint Venture approval."
The partner interests in the Guyane Maritime licence offshore French Guiana are:
Shell France 45%Tullow 27.5%Total 25%
Northpet Investments 2.5% (Northern owns a 50% equity interest in Northpet)
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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 Cenkos Securities (NOMAD and Joint Broker) Jon Fitzpatrick Tel: +44 (0) 20 7397 8900 Ken Fleming / Beth McKiernan Tel: +44 (0) 131 220 6939 Jefferies International (Joint Broker) Tel: +44 (0) 20 7029 8000
Chris Snoxall FTI Consulting Tel: +44 (0) 20 7831 3113
Billy Clegg / Edward Westropp
Bishopsgate Communications Tel: +44 (0) 20 7562 3350 Nick Rome / Shabnam Bashir Notes to Editors:
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.
XLON