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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.

Home / Investors / Annual Reports / Financial Reports 2004 / Annual Report and Accounts 2004

Annual Report and Accounts 2004

HIGHLIGHTS

  • Strong cash position
  • A significant entry position established in the Netherlands
  • Independent valuation of £51.6 million (19.3p per share) placed on the Group’s Proven and Probable reserves in the South of England
  • Two well drilling programme on the Isle of Wight to commence shortly with the potential for recoverable reserves of 47 to 156 million barrels of oil net to the Group
  • Expansion of licence positions in South of England and Italy

Chairman, Richard Latham, commented,

“We look forward to the results from the imminent drilling of two wells on the Isle of Wight, as well as development programmes for production in the Netherlands, re-perforation work in Spain and further progress towards drilling onshore Italy. I am extremely encouraged by the considerable progress that we have made in the last year. Our prospects, particularly with the addition of the Netherlands transaction, remain stronger than ever.”

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Download the Annual Report and Accounts 2004 (1.67MB)

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