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 Highlights
- Netherlands attributable gas production acquired at Waalwijk and Block P12; 260.7 mmscf
of gas and 216 metric tons of condensate in Q1 2007, up on forecast of 240 mmscf;
- Work on six oil and gas field developments has started with operations at Ottoland and
Brakel while the sale of 25% of Northern’s interest to Dyas B.V. at a significant profit places
Netherlands administrative delays in sensible perspective;
- Acquired a stake in the 30 Bcf working volume underground gas storage project at
Waalwijk where Northern is not liable to costs prior to establishment of commerciality. The
licence also has two tested and undeveloped oil zones;
- A much strengthened cash position after £20 million share placing and post year end
transactions with Dyas B.V. enable faster progress on the massive potential of the licences
in Italy; and
- Northern is in partnership with a number of substantial and highly regarded exploration
and production companies; a Strategic Alliance has also been formed with Dyas B.V. for
new activities outside The Netherlands.
Chairman's statement
Operations Overview
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