Northern Petroleum Says Weald Basin Reserves Upgraded
Northern Petroleum says the report commissioned by the Company to re-examine some of the Group's Weald Basin assets to reflect a $40/bbl oil price has been completed.
Derek Musgrove, Managing Director of Northern commented:
'These further improvements in reserves are as a direct result of the increase in commodity prices, which improve the economics and therefore enable more reserves to be extracted profitably. I would add however that the report does not cover all the leads and prospects within the Weald Basin that Northern is working on.
The Avington-3 well, in which we have a 5% interest, is shortly to be tested and we are planning, as operator, the drilling of two further Weald Basin wells in which Northern holds a 50% interest.'
In accordance with the AIM Rules - Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and signed off by the Exploration Manager of Northern, Mr. Graham Heard BSc (Hons), who has over 30 years experience as a petroleum geologist. The reserve estimates reported are based on the joint reserve and resource definitions of the Society of Petroleum Engineers, the World Petroleum Congress and the American Association of Petroleum Geologists.
The report was carried out by Exploration Consultants Limited ('ECL'), a leading independent reservoir engineering consultancy group, as a follow up to their review completed last year.
The following results were obtained:
Net Northern Reserves
Proved Proved + Probable + 1.58MMstb * 4.51MMstb
The previously reported Weald Basin reserves were 1.27MMstb proved and
3.61MMstb proved plus probable.
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