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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.06 | 0.05 | 0.06 | 0 | 09:50:10 |
RNS Number:7225O Northern Petroleum PLC 15 August 2003 Immediate release 15 August 2003 Northern Petroleum Plc Acquisition of New UK Onshore Licence Interest next to Avington Oil Discovery Northern Petroleum Petroleum Plc ("Northern") announces that it's wholly owned subsidiary Northern (GB) Limited has exercised an option to acquire a 5% interest in UK licences PEDL 069 and PEDL 110 from Sterling Resources (UK) Limited ("Sterling") the Operator of the licences. Northern will reimburse Sterling for their past costs for the 5% interest. These licences are adjacent to the Avington oil discovery where the Avington - 2 well, in which Northern holds a 5% interest, is currently drilling a horizontal section to increase reservoir drainage and flow rates. Based on the interpretation of the results to date from both the Avington-1 and Avington-2 wells, Northern considers an additional oil accumulation could exist. The licences also contain other exploration prospects in the same reservoir. The partners in the two licences are Sterling, Egdon Resources (U.K.) Limited and YCI Resources Limited. The transaction is subject to the approval of the Department of Trade and Industry. Mr Derek Musgrove, Managing Director of Northern, stated "We have been acquiring licences with re-interpreted logged oil discoveries for some time. Avington - 2 was an opportunity to test our ideas at a low exposure cost. It worked and now we are proceeding to further increase our licence interests to support our work. The real value of Avington to Northern lies in the confidence it adds to the our plans for drilling Sandhills -2 next year, (40% Northern) and several prospects of a similar nature in licences PEDL 125 and 126 in Hampshire and West Sussex. As I have said before, Avington may be the first oil discovery in the area since 1987 but I do not think that it will be the last." For further information please contact Derek Musgrove, Managing Director or Graham Heard, Exploration Manager of Northern Petroleum Plc on 020 7743 6080 or Chris Roberts of Hansard Communications on 020 7245 1100. Further information on Northern Petroleum Plc is available via our website www.northpet.com. This information is provided by RNS The company news service from the London Stock Exchange END ACQEAFPSFEDDEFE
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