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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 2005

Highlights

 

  • On track to achieve gross field production levels of 1,000 bopd and 40MW of electricity in the next eighteen months

  • Increase to 60.5 million barrels of oil equivalent in Proven + Probable reserves

  • Through a £19 million (net) fund raising and Standard Bank Plc Credit Committee approval of project finance facility, the Group is now well funded to finance the development of six oil and gas fields in the Netherlands and other projects

  • Built major position in Italy, No.2, after ENI/Agip, in permit area under management with

  • activities set to accelerate in 2006 on a number of potentially “company making” prospects

  • New UK drilling programme in the Weald Basin

  • Profitable sale of Spanish licences and production, with carried interest retained


    Complete Annual Report and Accounts 2005

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