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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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Reserves Summary

Unaudited Statement of Net Commercial Oil and Gas Reserve Quantities – Proven and Probable Reserves at 30 June 2011

Volumes - Group

    Total  
 

Oil
Million bbl

Gas
bcf

Petroleum
Million boe
At 31 December 2010 70.82 108.06 89.45
Changes during the year:      
Revisions of previous estimates - (2.51) (0.43)
Production (0.02) (1.78) (0.33)
At 30 June 2011 70.80 103.77 88.69

Volumes and categorisation by location - Group

    Total    
 

Oil
Million
bbl       

Gas
bcf         

 Petroleum
Million boe
At 30 June 2011:      
Proven reserves 6.50 84.28 21.03
Probable reserves 64.30 19.49 67.66
  70.80 103.77 88.69
At 31 December 2010:      
Proven reserves 6.52 86.10 21.36
Probable reserves 64.30 21.96 68.09
  70.82 108.06 89.45
    United Kingdom     Netherlands     Italy  
  Oil
Million  bbl		 Gas
bcf		 Petroleum   
Million boe		 Oil
Million bbl

Gas
bcf

 Petroleum   
Million boe

Oil
Million  bbl

 Gas bcf     Petroleum
Million boe 
At 30 June 2011:                  
Proven reserves 0.77 - 0.77 5.73 84.28 20.26 - - -
Probable reserves 6.24 - 6.24 4.90 19.49 8.26 53.16 - 53.16
  7.01 - 7.01 10.63    103.77 28.52 53.16 - 53.16
At 31 December 2010:                  
Proven reserves 0.77 - 0.77 5.75 86.10 20.59 - - -
Probable reserves 6.24 - 6.24 4.90 21.96 8.69 53.16 - 53.16
  7.01 - 7.01 10.65 108.06 29.28 53.16 - 53.16


Notes

  1. The Reserve estimates shown in this report are based upon the joint reserve and resource definitions of the Society of Petroleum Engineers, the World Petroleum Congress, and the American Association of Petroleum Geologists.

  2. Proven and probable reserves in the UK represent the Group’s reserves as determined during 2010 by RPS Energy in an independent valuation of some of the Group’s oil and gas assets in the Weald Basin, adjusted for subsequent production where applicable. Further information is given in note 11 to the 2010 Report & Accounts.

  3. Proven and probable reserves for Brakel, Ottoland and Papekop represent reserves as determined during 2010 by RPS Energy in an independent valuation of some of the Group’s oil and gas assets in The Netherlands, adjusted for subsequent production where applicable. Further information is given in note 11 to the 2010 Report & Accounts. These reserves, other than in respect of Papekop, were originally acquired as a result of the Group’s agreements with NAM. The reserves in The Netherlands which are held as a result of the Group's agreements with NAM are subject to a 50% net profit interest after payback of 130% of the Group's capital costs. The Papekop production licence is subject to a 0.6% gross overriding royalty over the Group’s interest.

  4. Geesbrug, Grolloo and Wijk en Aalburg proven and probable reserves are the Group’s most recent estimates as announced on 27 May 2011 (Geesbrug and Grolloo) and 30 September 2011 (Wijk en Aalburg), which supersede reserves as determined during 2010 by RPS Energy in an independent valuation of some of the Group’s oil and gas assets in The Netherlands, adjusted for subsequent production where applicable. Further information is given in note 11 to the 2010 Report & Accounts. These reserves were originally acquired as a result of the Group’s agreements with NAM and are subject to a 50% net profit interest after payback of 130% of the Group's capital costs.

  5. Waalwijk proven and probable reserves are the Group’s most recent estimates.

  6. P12 reserves are as determined by current operator’s most recent estimates.

  7. Proven and probable reserves in Italy represent the Group’s reserves as determined by Blackwatch Petroleum Services in independent valuations of some of the Group’s oil and gas assets in that country during the fourth quarter of 2007.

  8. Quantities of oil equivalent are calculated using a gas-to-oil conversion factor of 5,800 scf of gas per boe.