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2007 witnessed significant activity and technical progress on the Tullow operated Guyane EEL licence. Through its 50% holding in Northpet Investments Limited, Northern holds 1.25% of the equity in Guyane EEL. Northern has worked with the Operator to define and select a location from which to drill the Matamata prospect. The subsurface evaluation conducted during 2007 has confirmed earlier estimates that Matamata has the potential to recover over a billion barrels of oil. Additional work to further “de-risk” the prospect ahead of drilling was carried out at year end by partner Gaz de France, through the acquisition of a CSEM survey.
Plans to drill the Matamata prospect were well advanced by year end culminating in the purchase of long lead items. We look forward to the start of drilling operations which could occur as early as the latter half of 2008. If successful there are a number of other exploration prospects identified for follow up drilling.
Further information
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