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.

Pdf

Northern Petroleum upbeat on operations coming on-stream

18th May 2009, 12:35 pm Northern Petroleum upbeat on operations coming on-stream
Northern Petroleum PLC (AIM: NOP) sounded a positive note about operations it is taking into production in the future as it reported results for the full year to end-December 2008.

Revenue rose to €6.9 million from €5.9 million a year earlier, while pretax profit was reduced to €11.56 million from a restated €30 million in the previous full year.

Northern continues to focus on bringing its Netherlands developments on stream.

Chairman Richard Latham commented: "These are challenging and changing times. Northern is well positioned to deal with them. We have assets which we are bringing into production to create not just a sustainable cash flow but one which will be expanded upon.  

“We have the cash, working capital and operating cash flow to bring on stream the planned developments, and we have a massive upside potential which, as the farmout to Shell Italia E&P S.p.A demonstrates, is capable of being realised even in today's financial environment,” he added.

The acquisition of the remeiniong interest in ATI Oil PLC in a recommended 1-for8 share deal is expected to be completed at the end of June 2009.

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