Western Europe operating oil and gas company Northern Petroleum (AIM: NOP) has added another item to its Dutch assets portfolio, winning the license to another gas prospect in the West Netherlands Basin, where it already has four other exploration and production licenses.
Northern Petroleum fended off competition from another company to secure a 100% interest in the Engelen license, which covers 97 sq km (square kilometres) and will run for four years. The area is adjacent to Northern’s Utrecht license containing two undeveloped discoveries with a gas resource of 242 bcf (billion cubic feet) and exploration prospects that are to be evaluated in conjunction with the Engelen license.
“This award is pleasing. It was processed within 7 months, it was gained in a competitive process and it contains a mapped structure near to a gas discovery in the main play fairway,” said Managing Director of Northern Derek Musgrove.
The prospect is on trend to the Kerkwijk gas discovery drilled in 1988. Upon future conversion to a production license, the company’s 100% interest will be subject to election by Energie Beheer Nederland to acquire a 40% paying participating interest.
The company now has nine licenses in the Netherlands, covering a total 3497 sq km.