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.

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Northern Petroleum awarded two blocks off the Isle of Wight

5th Jan 2012, 8:04 am by Ian Lyall “Part blocks” 98/13 and 98/14 border the company’s existing onshore licences on the Isle of Wight itself.

Northern Petroleum (LON:NOP) has been awarded two oil exploration blocks off the Isle of Wight in the latest licence round.

“Part blocks” 98/13 and 98/14 border the company’s existing onshore licences on the island itself.

The company’s subsidiary NP Solent will hold 62.5 per cent of the licences and is the operator.

The other shareholders are Magellan Petroleum (22.5 per cent),Encore Oil Plc (7.5 per cent), Montrose Industries (5 per cent) and Oil & Gas Investments (2.5 per cent).

Managing director Derek Musgrove said: "We are very pleased to have been offered part blocks 98/13 and 98/14. 

“This allows the joint venture to evaluate the oil and gas potential of the mapped well defined prospect that extends from the Isle of Wight into the English Channel.” 

One of Northern’s offshore blocks butts up against two of the five licences acquired by Wessex Exploration and its partner Norwest Energy of Australia.

They are building up acreage around Wytch Farm, Britain’s largest onshore oil discovery.

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