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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 2007

Operational Highlights

2007

  • Substantial profit on the sale during the year of 25% of the Group’s interests in six onshore Netherlands fields to Dyas B.V;

  • Netherlands production of 0.88 billion cubic feet of gas;

  • Booked P2 reserves increased by 26.5% year on year to 76.55 million boe, a fifth successive year of increase, with reserves now in each of the Group’s three core areas;

  • Independent engineering reports over the Giove and Rovesti discoveries in the Southern Adriatic, adding 26.61 million of Italian P2 reserves assessed by Blackwatch as having an NPV10 value of $305 million, assuming a $70 per barrel price;

  • Development operations commenced at Ottoland and Brakel;

  • A cost free move into assessing 30 Bcf working volume underground gas storage project at Waalwijk alongside two operators of gas storage facilities in Essent B.V. and Star Energy Group Plc. The Waalwijk licence is believed to also contain substantial upside with tested oil in two zones; and

  • A Strategic Alliance has been established with Dyas B.V. targeting new assets and corporate acquisitions in selected EU countries and elsewhere.
     

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