Annual Report and Accounts 2008
Achievements
Waalwijk and P12 revenues of approximately €6 million – 11% above 2007 actual
€34.9 million cash mostly held in Euros and other working capital of €17.3 million
£10 million deal with a subsidiary of Petronas International Corporation Limited for the sale of non-core interests in underground gas storage projects
Completion of hydraulic fracturing at Brakel and Wijk en Aalburg – outstanding result being Brakel which is anticipated to come on stream at an initial rate of 11mmcfd (approximately 850 boepd net to Northern)
Shell Italia E&P S.p.A farmin to six offshore Sicily Channel licences with estimated optional work programme of in excess of €100 million – further joint activities in Italy to be discussed
Recommended acquisition of ATI Oil Plc (“ATI”), based on 1 new Northern share for every 8 ATI shares not already owned by the Group – completion expected at the end of June
Additional Italian licences to expand position in two core areas – Southern Adriatic and Offshore Calabria
Change in the Company’s functional currency to Euros with effect from July 2008