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Additional Information
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.

Full Northern Petroleum profile here
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Northern Petroleum sells interest in Dutch gas field for €3.2 million

8th Dec 2011, 7:37 am by Jon Mainwaring Northern Petroleum says the funds from the sale will help it in its exploration activities on the Drenthe III licence

Europe-focused oil and gas explorer Northern Petroleum (LON:NOP) announced this morning that it has sold its interest in the Vinkega gas field in the Netherlands for €3.2 million

Discovered after the Vinkega-1 well was drilled in late 2009, the Vinkega field has been mapped as underlying both part of the Gorredijk licence (owned by Vermilion Oil & Gas Netherlands) and part of the Drenthe III licence, in which Northern Petroleum Nederland holds a stake.

The firm said today that all of the Drenthe III licence holders have agreed to the sale of their respective Drenthe III interests in the Vinkega field to Vermilion, with Northern Petroleum Nederland’s share of the consideration being €3.2 million. 70 percent of the purchase price has already been paid on signing of the sale and purchase agreement, with the remaining 30 per cent being payable following completion.

“The sale will enable a smooth transition into production under Vermilion's team and make a useful financial contribution to our hopefully successful exploration activities on the Drenthe III licence in the near future,” said Derek Musgrove, Northern Petroleum’s managing director. “Northern considered that Vinkega was not a prospect of sufficient size and structural appeal to have attracted a wildcat well on the Drenthe III licence alone. On behalf of the Drenthe III licence interest holders I thank Vermilion and their partners for their work and efforts.”


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