
Guyane Operations - Update
Northern Petroleum wishes to update shareholders on its operations in Guyane following the quarterly report issued by Hardman Resources Limited (“Hardman”), operator of the Exclusive Exploration Licence (“EEL”) issued over the offshore waters of Guyane. Hardman has reported that it is shortly to commence data acquisition, with the programme to include the recording of approximately 1,600 km of 2D and 300 km² of 3D seismic data. Northern owns a 1.25% net beneficial interest in the Guyane EEL through its shareholding in Northpet Investments Limited.
This new seismic data acquisition is aimed at maturing a number of leads already developed within the EEL as a result of the previous 7,500 km 2D seismic survey to prospect status by the end of the first quarter of 2006. Hardman has also reported that preparations continue on the Guyane drilling programme for 2006, which will consist of one firm well and one contingent well.
Derek Musgrove, Managing Director of Northern, stated:
“Many of the leads and prospects that have been mapped in the past and already reported on are of a very substantial size and six are estimated to have a potential of greater than 1 billion barrels of recoverable oil.
We are pleased to make progress towards a final determination of a drillable prospect that Hardman have stated they plan to drill during 2006. Our 1.25 % net beneficial interest in any discovery within the licence could have a very substantial impact upon this company.”
For further details please contact:
Derek Musgrove
Northern Petroleum Plc
020 7743 6080
Chris Roberts/Ben Simons
Hansard Communications
020 7245 1100