Following the recent Heads of Agreement between NPN and Dyas B.V. ('Dyas'), NPN has an 85% interest and Dyas a 15% interest in the Ottoland-1 well, which is within the Andel license. The Ministerie van Economische Zaken has a future right to elect that there will be a 40% State participation in the Andel license, with NPN the holder of the remaining 45%. Such participation will be on the basis of being a fully paying partner in all respects from license award, and payment of applicable back costs to NPN.
The existing Ottoland-1 well drilled in 1987 tested oil at a rate of 211bopd over an interval of 14 meters in the Upper Bunter in a near vertical well. The Ottoland-1ST sidetrack has been designed to intersect and produce from 600 meters of reservoir in a near horizontal well at significantly higher flow rates.
Derek Musgrove, Northern's Managing Director, stated:
"These operations in the Netherlands bring closer planned production from NPN's six onshore fields. The Ottoland sidetrack has been designed to achieve commencement of production from the field at enhanced production rates than those originally evaluated in the initial study conducted by Northern together with RPS Energy. Following completion of the well, development plans for the three fields within the Andel license will be submitted to the authorities for approval based on the results of the well."
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