Northern Petroleum Plc ("Northern Petroleum" or "the Company") Award of Italian permits

Transcription

1 7/24/2014 Northern Petroleum Award of Italian permits FE InvestEgate Northern Petroleum Award of Italian permits RNS Number : 1696N Northern Petroleum PLC 24 July 2014 ("Northern Petroleum" or "the Company") Award of Italian permits Northern Petroleum, the AIM quoted oil company, announces that it has been awarded two permits in Italy. One permit, Cascina Alberto, is onshore in the Po Valley and the other, C.R149.NP, is offshore in the Sicily Channel adjacent to the Northern Petroleum operated permit C.R146.NP. The Cascina Alberto permit area was formally held in the late 1990s by Eni S.p.A ("Eni") as permit Fiume Sesia and was the subject of a farm in by Enterprise Oil for the Gattinara prospect in The prospect was interpreted as having similarities in structure to the Villafortuna- Trecate oil field, which is located 25 km to the southeast. The Company will re- evaluate the potential of the Gattinara prospect and will seek a partner to join in the exploration of the permit to progress the prospect for drilling. The permit C.R149.NP was applied for in order to encompass an extension of the Vesta prospect, mapped within the Company's adjacent C.R146.NP permit. The Company has evaluated the Vesta prospect to have a larger structure than the Vega oil field, which lies on trend to the northeast. The Company will now seek a partner to join in the drilling of the Vesta prospect. Keith Bush, Chief Executive Officer, commented: "The award of these permits demonstrates that the administration in Italy is now actively progressing with approvals that have been outstanding for some years. The Company now looks forward to making progress with other outstanding applications and approvals, especially those in the Southern Adriatic, which we believe hold the greatest potential for the Company in 1/2

2 7/24/2014 Northern Petroleum Award of Italian permits FE InvestEgate Italy." - Ends- For further information please contact: +44 (0) Keith Bush, Chief Executive Officer Nick Morgan, Finance Director Graham Heard, Exploration & Technical Director Westhouse Securities (Nomad and Broker) +44 (0) Alastair Stratton Antonio Bossi Camarco +44 (0) Billy Clegg Georgia Mann In Accordance with 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 Petroleum, Mr Graham Heard CGeol. FGS, who has 40 years' experience as a petroleum geologist. He has compiled, read and approved the technical disclosure in this regulatory announcement. The technical disclosure in this announcement complies with the SPE/WPC standard. Note to Editors: Northern Petroleum is an oil and gas company focused on production led growth. The Company is undertaking a redevelopment and production project in north west Alberta and has a broader portfolio of exploration and appraisal opportunities in countries of relatively low political risk, primarily Italy. Comprehensive information on Northern Petroleum and its oil and gas operations, including press releases, annual reports and interim reports are available from Northern Petroleum's website: This information is provided by RNS The company news service from the London Stock Exchange END MSCQKNDPOBKDPOB 2/2

3 Northern Petroleum Sale of UK assets for?1.5 million RNS Number : 1694N Northern Petroleum PLC 24 July 2014 ("Northern Petroleum", "the Company" or "the Group") Sale of UK assets for 1.5 million Northern Petroleum, the AIM quoted oil company focusing on production led growth, announces that it has signed sale and purchase agreements to sell the Company's interests in all of its UK licences and assets for 1.5 million to UK Oil & Gas Investments PLC ("UKOG"). Completion of the sale is subject to the approval of UKOG becoming an operator for certain licences by the Department of Energy and Climate Change and the completion of an intra group transfer of certain asset interests within Northern Petroleum on or before 31 st October The consideration of 1.5 million is payable with a minimum of 1 million in cash and the remainder in either cash or UKOG ordinary shares at a price of pence per ordinary share at UKOG's election. In the event that Northern Petroleum receives ordinary shares in UKOG, the Company will consider the best way to monetise the holding in an orderly manner. The UK assets and licences comprise the 10 and five per cent minority interests in the Horndean and Avington producing fields respectively, 50 per cent interests in the Markwells Wood and Baxters Copse discoveries, and a 65 per cent interest in a licence offshore the Isle of Wight. Net production to the Company during 2013 averaged approximately 20 barrels of oil per day and contributed 591,000 of revenue and 345,000 of gross profit to the Company for the 12 months ended 31 December The book value of the UK assets in the consolidated accounts for the Group as at 31 December 2013 was 300,000 and stated proven and probable reserves were 60,000 barrels of oil. The consideration from the sale will be reinvested in Northern Petroleum's production and redevelopment project in north west Alberta, 1/3

4 Canada. Keith Bush, Chief Executive Officer, commented: "The sale of the UK portfolio allows us to focus additional time and financial resource on operations that provide the best opportunity for value growth in a reasonable time frame. "The Company continues to move forward with its production led growth strategy with operations on the three summer wells in Alberta due to commence in August. We expect the results of the wells to further de- risk the potential of the whole Albertan redevelopment and allow us to achieve our forecast year end exit production rate of 500 barrels of oil per day." - Ends- For further information please contact: +44 (0) Keith Bush, Chief Executive Officer Nick Morgan, Finance Director Westhouse Securities (Nomad and Broker) +44 (0) Alastair Stratton Antonio Bossi Camarco +44 (0) Billy Clegg Georgia Mann In Accordance with 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 Petroleum, Mr Graham Heard CGeol. FGS, who has over 35 years' experience as a petroleum geologist. He has compiled, read and approved the technical disclosure in this regulatory announcement. The technical disclosure in this announcement complies with the SPE/WPC standard. Note to Editors: Northern Petroleum is an oil and gas company focused on production led growth. The Company is undertaking a redevelopment and production project in north west Alberta and has a broader portfolio of exploration and appraisal opportunities in countries of relatively low political risk, primarily Italy. Comprehensive information on Northern Petroleum and its oil and gas operations, including press releases, annual reports and interim reports are available from Northern Petroleum's website: 2/3

5 END This information is provided by RNS The company news service from the London Stock Exchange DISQKNDPOBKDNOB 3/3