Northern Updates on Baxter's Copse Reserves

RPS Energy has completed their Report to Northern for the Providence Resources operated Baxter's Copse license area (PEDL 233) in the Weald Basin. The Report attributes previously unreported gross 2P and 3P reserves of 5.36 million stock tank barrels (MMstb) and 15.06 MMstb respectively of undeveloped reserves - 50% to NP Weald Limited, a wholly owned Northern subsidiary. Northern has agreed with Providence a program for first oil from Baxter's Copse in 2011.

Derek Musgrove, Managing Director, commented, "We are very pleased to announce the plans for Baxter's Copse and its independently audited reserves. The proximity of Baxters Copse to the Singleton production site means that the well can be drilled and produced without requirements for further Planning Consents. There are also plans to further evaluate the other prospects within PEDL 233."

RPS Report detail:

The Baxter's Copse discovery is located c. 5 km northeast of the Singleton oil field production facilities. Northern, on behalf of the joint venture reprocessed the available 2D seismic data over Baxter's Copse, which has greatly improved the subsurface imaging. Subsequent interpretation, depth conversion and mapping have indicated that Baxter's Copse is a significantly larger oil accumulation than was previously thought.

 

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