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Northern Petroleum Plc

Northern Petroleum Plc is an EU oil company that acquires low entry cost exploration, production and development assets and is committed to adding high value to shareholders from production and asset sales.

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Annual Report and Accounts 2002

Northern Petroleum Plc is an oil and gas exploration and production company which has refocused on Western Europe.

The Company has established an operational capability.

In the light of improved oil prices the Company will apply new ideas as well as newer drilling and completion technologies where it is believed possible to establish economic oil production from known oil discoveries.

The Company is building a position in the deregulated gas markets of the European Union.

The Company continues to seek value for shareholders from the past investments in Russia.

Highlights

  • Offshore Ireland drilling success at Seven Heads and an anticipated decision on gas field development (estimated 12–14 bcf, recoverable reserves net to the Company).
  • Conditional contract to purchase and operate an interest in an onshore Spanish oil field brings an estimated 80 bopd net to the Company.
  • Award of licences in Spain, Italy and UK greatly increases size of oil and gas assets.
  • Establishment of operational control over the majority of projects.

 

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