The license application was submitted in May 2005.
NPN has a 100% interest in the license, which is subject to the election by Energie Beheer Nederland B.V. to acquire a 40% paying participating working interest. The license will run for a term of 5 years.
Derek Musgrove, Managing Director of Northern, stated:
"The potential of this license was identified at an early stage in our move into The Netherlands. It is covered by publicly available 2D and some 3D seismic and our early work recognized a lead which is a structural feature adjacent to the Ottoland field and on trend with Papekop field. The addition of the Utrecht license complements NPN's existing assets in the southwest Netherlands."
Northern Petroleum Plc is an AIM-listed oil and gas production, development and exploration company with core interests under its management in The Netherlands, Italy and the United Kingdom.
Northern is currently embarked upon a program to place two oil fields and four gas fields into production, with works on the first two--Ottoland and Brakel--starting in March and April 2007.
The Company has recently acquired the management interests in the producing Waalwijk gas field where it intends to implement plans to increase late phase gas, production and move to develop a 30 Bcf underground gas storage facility alongside Star Energy and Essent. The NPN deal with Dyas is the second gas production acquisition in 2007 to date.
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