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Northern Petroleum Plc says new Canadian assets perform better than expected

A below budget winter work programme is set to deliver average production of 400 barrels of oil per day for 2016, NOP told investors.
Northern Petroleum Plc says new Canadian assets perform better than expected
It could shortly see between 100 and 200 additional barrels of oil per day.

Northern Petroleum (LON:NOP) has told investors that recently acquired assets in Canada are performing better than expected.

Whilst the company is part way through its winter work programme production currently stands at 400 barrels of oil day, and work due in March is expected to add between 100 and 200 further bopd depending on how quickly warmer weather arrives.

Overall, the winter programme is on track to deliver an average production rate of 400 bopd for 2016, the company said.

It also emphasised that the programme’s capital costs are currently below budget.

"The recently acquired Rainbow assets are performing better than expected,” said Keith Bush, NOP chief executive.

“We are benefitting from initial high rates of production as wells are restarted and the asset base appears to have plenty of scope to achieve our target of 400 barrels per day for this year and create the foundation for future growth.

“Increasing the production across the operating platform we have built in Canada will drive down fixed opex and enhance netbacks, providing valuable cashflow for the group."

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November 01 2016

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