Northern Petroleum Share Discussion Threads

[growbag] 27/5/2011 09:38

There was good news, unless I've just had a stroke and can't read anymore. Average production in 2011 (so far) is 58% up (boepd) on 2010.


Average production for 2010 was approximately 1,200 barrels oil equivalence per
day. The Company expects to report 2010 revenue of approximately EUR15 million,
broadly in line with market expectations.

Average production for the first four months of 2011 has been just over 1,900
barrels oil equivalence per day.

[soulsauce] 27/5/2011 09:36

Peripheral SHANKS it is the only source of income.

[montyhedge] 27/5/2011 09:35

Looking at the charts, 52p could be the next level, unless some good news.

[shanksaj] 27/5/2011 09:33

Ouch. But is it overdone? Holland is peripheral, isn't it?

[kibes] 27/5/2011 09:32

The performance of the the 3 fields is undoubtedly extremely disappointing. But that is life. I don't think this could have been predicted in advance by anyone. Shareholders should just take it on the chin in my opinion (and I am one of them). At least the management have come clean on the situation which is more than Shell did when they had their reserves fiasco a few years ago.

[lotusel1se] 27/5/2011 09:29

Monty, shut up please.

[growbag] 27/5/2011 09:29

Zoinks! Didn't see that one coming - cos I wasn't tipped off like some (company guys and their extended families). This game aint fun anymore! Still, the markdown looks overdone IMO, given the other assets and reserves. Hard to understand how they could get the dutch reserve estimates so wrong initially -- the technical director has to go surely for starters (I'd hope he is being escorted from the building as we speak ...). Worth holding IMO. I actually think a bidder will emerge to take the assets off them.

Obviously not the only one to think the mark down is OTT. Largest buy volume we've seen for ages!

[alexx] 27/5/2011 09:29

Fall is surely overdone but as said above, when trust goes? Musgrove must surely go for this if things are ever to get better in the medium term. This fall is really a blow and I'm sure I'm in margin call territory after this, having already taken a big hit on EO.

As for what looks like insider trading I'm not holding my breath.

[montyhedge] 27/5/2011 09:28

Don't catch a falling knife, I see 55p after weekend press.

[valhalla3] 27/5/2011 09:27

im going camping this weekend! R=#

[thx1138] 27/5/2011 09:26

He'd probably be right at these levels.

[orado] 27/5/2011 09:25

Bet TW will so everything is fine and that its a stoncking buy! - lol.

[soulsauce] 27/5/2011 09:24

Yes but kibes as with much of everything at NOP it is so far off it warrnants little value. They were talking about more seismic for Sth Adriatic when I met them 13months ago, now there are plans but doubtful they will drop a drill there before 2014 and at NOPs pace probably much later.

Why no mention of Sicily suddenly? Or Longastrino?

Holland was supposed to be the powerhouse to provide the funding for all this deepwater Italian stuff but it has done nothing but get delayed and disappoint.

[montyhedge] 27/5/2011 09:21

Who knows what reserves are there. When a company loses trust by shareholders, they never forget, especially the big boys.

[kibes] 27/5/2011 09:18

'In the Southern Adriatic plans are advanced to acquire a 2D seismic survey over permits F.R39.NP and F.R40.NP that
contain the Giove and Rovesti discoveries and it is intended that in addition
two 3D seismic surveys will be acquired over these two oil fields and a number
of exploration prospects later this year. Blackwatch Petroleum Services in 2007
reported 2P Reserves of 53.16 million barrels for the two fields and assigned a
Post-Tax Net Present Value (NPV@10%) of GBP610 million at a $70 oil price based
on developing the fields independently, each with a new build FPSO.'

Worth remembering that Northern has 100% of Giove and Rovesti. NPV of £610 million compares with Northern current market capitalisation of £66 million.

[hashertu] 27/5/2011 09:18

Can anyone explain what production decline data has not been seen and how this affects the design of a compressor?
Could/would the reserves write down be reversed if a compressor were to successfully installed?

On the plus side, production and revenues are significantly up in the first 4 months.

[adyfc] 27/5/2011 09:18

Absolutely shocking, Musgrove has to walk for this. Glad i was already out but feel for those onboard there was no sign of this coming except for a few in the know over the last few days.

[montyhedge] 27/5/2011 09:14

Seems very optimistic guesswork what was there, who knows? Look what happened to XEL.

[bionicdog] 27/5/2011 09:13

I think not.
Charles filled his boots at 68p , so I'm told.

[montyhedge] 27/5/2011 09:09

Wow, disappointing, looks like 55p?

[maxk] 27/5/2011 09:05

Azalea ran off with Charles for a dirty weekend...

[valhalla3] 27/5/2011 09:02

recovering now lol i expect it to be back @ 130p eod

[soulsauce] 27/5/2011 09:02

bionic yes good question - azalea??

[imperial3] 27/5/2011 09:01

From memory,it has been reported that success on the Guyanne well could be worth 55p a share.Am I right?