Northern Petroleum Commences Well Site Construction in The Netherlands
Northern Petroleum announced that its wholly owned subsidiary Northern Petroleum Nederland B.V has commenced well site construction works at Tiendeveen, which, with Nieuwendijk, forms a two-well exploration drilling program being carried out in The Netherlands during the first part of 2009.
Tiendeveen is a gas prospect with a mean un-risked potential gas in place of 67 bcf. located 4km. northwest of the Geesbrug gas field development on the Drenthe III license in northeast Netherlands.
Site preparation works will commence shortly at Nieuwendijk, an oil prospect with a mean un-risked reserve potential oil in place of 56 million barrels close to the Ottoland oil field development in southwest Netherlands.
In both licenses the costs will be shared and the interests are currently held as followed:
- Northern Petroleum Nederland B.V. 45%
- EBN 40%
- Dyas B.V. 15%
The wells will be drilled under the three well drilling contract announced on September 15, 2008. The third well remains at Northern Petroleum Nederland's option. All necessary pre-drilling approvals are in place for both the Tiendeveen and Nieuwendijk wells. Those for the Papekop production well are still awaited.
These wells fall under the terms of agreements between NPN and Nederlandse Aardolie Maatschappij B.V. ('NAM') detailed in announcements made on June 14, 2005 and August 12, 2005.
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