Embargoed for release: 0700 on 21 December 2012
Northern Petroleum Plc
("Northern" or "the Company")
French Guiana - Guyane Maritime Permit Operational Update
Northern Petroleum Plc (AIM: NOP) provides the following update on its fully
funded four well drilling programme that has been committed to after the 2011
exploration success in the new oil province of French Guiana. The Zaedyus oil
discovery well, GM-ES-1, encountered 72 metres of net oil pay in two turbidite
sand systems successfully proving that the Jubilee play is mirrored across the
Atlantic from West Africa. The joint venture led by Shell decided to extend the
exploration activities through committing to and funding a four well drilling
programme and contracted the Stena IceMAX dynamically positioned drillship.
The recently completed GM-ES-2 was the first exploration well in this current
programme and the drillship will be moved onto the GM-ES-3 location to drill
the second well in the four well exploration programme.
As previously reported the GM-ES-3 well, will target the Priodontes turbidite
fan exploration prospect, which is also within the larger main Cingulata fan
system that also contains the Zaedyus discovery fan. The well will be targeting
several Cretaceous aged reservoir intervals. The objective of the well is to
explore for significant oil volumes in the fan, help determine the Cingulata
sub surface model, possibly determine an oil water contact, assess the
reservoir potential in the north-western part of the larger Cingulata fan
system and better understand the potential of the entire block.
GM-ES-3 is forecast to take approximately three to four months and operational
performance should benefit from the learning experiences of the first two
successfully completed wells.
Northern through holding 50 per cent. of Northpet Investments Limited, owns a
net 1.25 per cent interest in the offshore exploration licence `Guyane
Maritime'. Northern is in partnership with Shell (Operator, 45%), Total (25%),
Tullow Oil (27.5%), and Wessex Exploration (also a 1.25 per cent holder through
owning the remaining 50 per cent interest in Northpet Investments Limited).
Derek Musgrove, Managing Director of Northern stated:
"The four well exploration programme has been designed to look at the big
picture of this licence which covers an enormous area, equivalent to
approximately 100 UK North Sea blocks. Following a very successful first well,
we and our senior partners committed significant resources to follow up the
discovery. The programme is intended to provide sufficient understanding of all
aspects of the reservoir, oil generation, migration and entrapment to establish
and provide the necessary information to unlock the massive potential of this
exciting new oil province. The focus is on this wider and greater objective
rather than individual prospect appraisal, hence the minimum four well
programme. I look forward to updating shareholders on progress."
In accordance with the AIM Rules - Guidance for Mining and Oil & Gas Companies,
the information contained in this announcement has been reviewed and signed off
by the Exploration and Technical Director of Northern, Mr. Graham Heard CGeol.
FGS, who has over 35 years experience as a petroleum geologist. He has
compiled, read and approved the technical disclosure in this regulatory
announcement. The technical disclosure in this announcement complies with the
For further information please contact:
Northern Petroleum Plc Tel: +44 (0)20 7469 2900
Derek Musgrove, Managing Director
Graham Heard, Exploration and Technical Director
Westhouse Securities (Nomad and Broker) Tel: +44 (0)20 7601 6100
Richard Baty / Petre Norton - Corporate Finance
Ian Napier - Corporate Broking
FTI Consulting Tel: +44 (0)20 7831 3113
Billy Clegg / Victoria Huxster
Bishopsgate Communications Tel: +44(0)20 7562 3350
Notes to Editors:
Northern is a full cycle oil and gas company currently holding over 40 licences
in a number of low risk areas and is continuing with its strategy of adding and
securing value for shareholders as it engages with projects at all stages of
the E&P value chain.
Comprehensive information on Northern and its oil and gas operations, including
all press releases, annual reports and interim reports are available from
Northern's website at www.northpet.com.
-0- Dec/21/2012 07:00 GMT
Press spacebar to pause and continue. Press esc to stop.