Northern Petroleum says that a three well rig contract has been signed to enable its wholly owned subsidiary Northern Petroleum Nederland B.V. ('NPN') to proceed with the drilling of two exploration wells and one oil
field development well in The Netherlands at any time over the next 12 months.
At this stage the three well program will be to drill two exploration wells,the Nieuwendijk 56 to 83 million barrel oil prospect and the 67 to 98 bcf Tiendeveen gas prospect plus drill an oilfield production development well in
the Papekop oil field containing probable recoverable reserves of 39.4 bcf of gas and 12.2 million barrels of oil. However two other prospects are currently being developed to drillable status should there be delays in the granting of consents to planning applications that have already been submitted.
Northern is particularly pleased that this is a newly built rig and brings additional drilling capability into the Netherlands at a time when NPN is increasing its activity levels.
Nieuwendijk is a prospect mapped in the Andel III license with a mean level of 56 million barrels of oil in place, and at this undrilled stage with some potential for gas, that is approximately 9 kilometres from the recently drilled Ottoland oil field. Tiendeveen is a gas prospect in the Drenthe III license mapped with a mean level of 67 bcf of gas in place in the north east of The Netherlands on the same license as and close to the Geesbrug gas field development. The Papekop well, on a license of the same name, is part of a planned six field development program that NPN is undertaking onshore The Netherlands to bring into production 23.8 million barrels of oil and 404 bcf of gas. Following the exercise by EBN of its rights to participate, NPN's interests in the development projects will be 45% and in the exploration projects will be 22.5%.