UK: Northern Petroleum Plc. Announces 2009 Results


Northern Petroleum Plc, an independent oil and gas exploration, development and production company announces its audited results for the year ended 31 December 2009.

Highlights:

Operational:

* At 31 December 2009 the Company had 102.9 million barrels of oil equivalence of net proven and probable reserves, representing an increase of 34.6% from the 76.4 barrels of oil equivalence reported at the end of 2008;

* At the end of 2009, production had increased to 1320 barrels of oil equivalence per day (boepd) with the commissioning of two new gas fields in The Netherlands. The production rate at the start of the year was 367 boepd; and

* The Company conducted two seismic surveys during 2009, recording 3067km of 2D data and set up a 1520km2 3D survey which was recorded in early 2010.

Financial:

* The Company made a record capital investment of €29.7 million, to develop its reserves and resources;

* The Company made a post tax loss of €2.15 million for the year;

* At the end of 2009 the Company had €15 million of cash, plus €3.5 million of working capital; and

* The Company successfully completed the acquisition of the outstanding shares in ATI Oil Plc which it did not already own.

Outlook:

* Development of two further gas fields in the Netherlands is going to plan with first production on schedule for 2010;

* The Company is developing plans to participate in the drilling of up to six wells over the next 12 months; and

* The Company expects to have achieved a production rate in excess of 1,750 barrels of oil equivalence a day by the end of 2010.

Northern Petroleum manages operations in the Netherlands, Italy, the United Kingdom and has interests in Guyane.

Source: Northpet, June 8, 2010:

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