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Market: AIM
Sector: Energy
EPIC: NOP
Latest Price: 72.75p  (0.86% Ascending)
52-week High: 128.00p
52-week Low: 61.00p
Market Cap: 69.38M
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Northern Petroleum
www.northpet.com

Northern Petroleum Plc is an oil and gas exploration, development and production company focused on the European Union and nearby areas. The Company is an operator of both onshore and offshore projects including a producing oilfield and boasts a management and technical team of the highest quality.

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Northern Petroleum completes 2D seismic survey over Rovesti and Giove licences

6th Dec 2011, 2:56 pm by Jamie Ashcroft Giove and Rovesti oil fields have been independently assessed to have 53.2 million barrels of probable oil reserves.

Northern Petroleum (LON:NOP) told investors that it has now completed a 2D seismic survey over a 600 square kilometre area in the Southern Adriatic.

The survey spanned two licences, F.R39.NP & F.R40.NP, which contain the Rovesti and Giove oil discoveries as well as ten mapped prospects.

In March this year Northern Petroleum agreed a new tie-up for the licences with Azimuth Ltd. The new partner will take a 15 percent stake in the permits by funding a share of the future work programmes.

This seismic survey is part of a work programme that is being funded by Northern Petroleum. 

The current work programme is designed to gather a more complete and better quality data set for the area, Northern said. This will then allow an upgrade definition of the encouraging prospects identified from older seismic surveys.

A further 3D seismic is planned in 2012. At the moment the company is awaiting approvals from all the relevant authorities before work begins.

One of the objectives of the Azimuth agreement is to define and delineate suitable appraisal and exploration drilling targets. 

Giove and Rovesti oil fields have been independently assessed to have 53.2 million barrels of probable oil reserves. 

While NOP estimates that they have more than 3 billion barrels of oil-in-place, and gas prospects with over 2 trillion cubic feet of gas-in-place - over 1 billion barrels oil equivalent.

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