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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nevada Organic Phosphate Inc | CSE:NOP | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -16.67% | 0.05 | 0.05 | 0.06 | 0.05 | 0.05 | 0.05 | 4,075 | 16:48:44 |
RNS Number:2644N Northern Petroleum PLC 08 July 2003 Embargoed 0700hrs Tuesday 8 July 2003 Northern Petroleum Plc Acquisition of UK Onshore Licence Interest in Weald Basin Northern Petroleum (GB) Limited ("Northern") a wholly-owned subsidiary of Northern Petroleum Plc is pleased to report that it has signed a farm-in agreement with Sterling Resources (UK) Limited by which Northern will acquire a 5% interest in the onshore UK licence PEDL 070. The agreement covers costs associated with the initial-stage drilling of the well Avington-2, which will commence later this month. Northern will also earn an option to acquire a 5% interest in adjacent licences PEDL 069 and PEDL 110. The transaction is subject to the approval of the Department of Trade and Industry. Planning consent has been granted, and the construction of the Avington-2 site close to Winchester is almost complete. The Operator, Pentex Oil UK Limited, has assigned a rig and drilling will commence by mid-July. The Avington prospect is a structure partly evaluated by the Avington-1 well, drilled by Carless Exploration Limited in 1987. The well penetrated the Middle Jurassic Great Oolite reservoir and log analysis, core and sidewall core data indicate that a 32-metre oil column was encountered within the reservoir. Oil shows were also seen within the overlying Cornbrash and Corallian sequences. The well was not tested at the time. The Avington-2 well will be drilled directionally across a fault from the Avington-1 location into the crest of the prospect, approximately 40 metre-updip of the Avington-1 well. The top of the Great Oolite is anticipated at a depth of 1,420 m. Given success a 600-metre horizontal section will be drilled and completed for future production. The principal risk of the prospect is reservoir productivity but fracturing can be expected to enhance permeability within this part of the structure. Derek Musgrove, Managing Director of Northern stated "This is the right strategic opportunity for us. We will be involved in the drilling of a sizable Great Oolite prospect and also benefit from an evaluation of the latest drilling, completion and testing practices which will also be applicable to the Sandhills prospect on Northern-operated PEDL 113 which we plan to drill in the near future. We also gain an option to obtain an interest in two other licences adjacent to our recently awarded 11th Round acreage PEDL 125 and PEDL 126 and the Stockbridge oil field." -Ends- For further information please contact, Derek Musgrove, Managing Director Northern Petroleum Plc 020 7743 6080 Graham Heard, Exploration Manager Northern Petroleum Plc 020 7743 6080 Chris Roberts / Ben Simons Hansard Communications 020 7245 1100 / 0771 309 0135 This information is provided by RNS The company news service from the London Stock Exchange END ACQUBRBROORBRAR
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