Northern Petroleum Sells Subsidiary to Gold Oil

Northern Petroleum has sold its wholly owned subsidiary, Northern Petroleum Exploration Limited (NPEL) to Gold Oil Plc for a consideration of 300,000.

NPEL's sole asset is, after a net profit share due to a third party, a 22.5% net interest in the Spanish Ayoluengo field currently producing on average 110 barrels of oil per day.

Derek Musgrove, Managing Director stated: "We have taken the view that, having regard to the low profit margin yielded by this asset, both management and financial resources will be more beneficially utilised in developing our new projects in the Netherlands.

We have already committed to develop two discoveries onshore Holland for which we estimate gross expected in-place volumes to be 102 billion cubic feet (bcf) of gas and 20 million barrels of oil. We also have an option to commit to develop a further three discoveries. In addition we have an outstanding application for a production license to develop the Papekop field which will add a further gross expected in-place volume of 30bcf gas and 37 million barrels of oil.

We consider the Netherlands projects to be more attractive to the Company with considerably greater potential for our shareholders."


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