Northern Petroleum

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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.

Edison, Blue Oar upbeat on Northern Petroleum after Shell farm-out deal news

Friday, December 05, 2008
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Edison Investment Research issued an upbeat note in reaction to Northern Petroleum’s announcement of a farm-out agreement with Shell Italia regarding six of its offshore Sicily Channel licences.

The Shell deal adds visibility to the prospects of a drilling campaign in the West Sicily Thrust belt, with the presence of an oil major adding significant investor confidence, Edison said, adding the deal is expected to improve Northern Petroleum’s forecast net cash position.

Separately Blue Oar Securities, too, said it views the Shell deal as a “strong vote of confidence”, as well as providing better visibility on the forward work programme.  It commented on an update Northern Petroleum gave on its Dutch licences, saying that getting the six Dutch developments online next year is critical from an earnings perspective. Blue Oar does not see negotiations on a replacement debt facility with Standard Bank as a cause for concern.

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A day after the announcements by Northern Petroleum, the pension plan of chairman Richard Latham bought 15,000 shares in the company at 68.3 pence, according to a filing with the London Stock Exchange. This purchase brings Latham's beneficial shareholding to 740,087 ordinary shares, representing 1.04 per cent of the issued share capital, the group said.


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Additional Information

Market:AIM
Sector:Energy
EPIC:NOP
Latest Price: 88.50p  (-3.80% Descending)
52-week High:163.00p
52-week Low:84.00p
Market Cap:81.32M

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