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Additional Information
Market: AIM
Sector: Energy
EPIC: NOP
Latest Price: 73.50p  (-0.68% Descending)
52-week High: 140.25p
52-week Low: 61.00p
Market Cap: 68.74M
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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 2008 revenues up as lower production offset by higher prices

17th Apr 2009, 12:05 pm Northern Petroleum 2008 revenues up as lower production offset by higher prices

Northern Petroleum PLC (AIM: NOP) reported a rise in full-year revenues as a drop in production levels was offset by higher hydrocarbon prices for much of 2008.

Northern's net attributable production for 2008 was approximately 0.12 million barrels of oil equivalent, down from 0.16 million boe in 2007, with the majority of this production coming from the Waalwijk and P12 gas fields in the Netherlands.   

Production at the Horndean oil field totalled 6,564 barrels for the year, 2.7 percent down from the previous year lower than in 2007. Oil production from Avington commenced in early 2009.

Waalwijk and P12 generated revenues to the company of approximately €6.0 million, an 11 percent rise year-on-year. Oil revenues at Horndean increased to approximately US$0.6 million from US$0.45 million.

The group had approximately €34.9 million net cash as at December 31 2008. The majority of that cash is held in Euros, which provides a natural hedge for the Group's ongoing capital expenditure programme.

Following a review of accounting policies and discussions with the  group's auditors,  Northern Petroleum decided to change its functional currency to Euros from Sterling with effect from July 1 2008.  The change reflects the primary economic environment in which the group now operates.

In a separate statement, Nortnern said it completed oil flow testing at its Ottoland 1 sidetrack. Results will be analysed to establish the final parameters of the production installations.

Northern has now completed well workovers for production and hydraulic fracturing of the reservoir at the Brakel and Wijk en Aalburg gas fields as well as the Ottoland oil field. Similar operations are scheduled for the Geesbrug and Grolloo gas field in the near future in preparation for placing all these five fields into production.

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