NORTHERN PETROLEUM PLC 2013 Interim Results 24th September 2013
Company overview Northern Petroleum is an AIM quoted E&P Company which is undergoing change to realise the significant latent value from its existing assets Three short term goals: complete the sale of the Company subsidiary in The…
Executive board members The executive directors comprise a balanced team with complementary skills and experience Keith Bush, Chief Executive Officer Keith Bush joined Northern in May 2012 as Chief Operating Officer, he was…
Asset overview Production and development The Netherlands six revenue producing gas fields (872 boe/d to 30 June 2013) UK significant capex required to materially increase production close to the end of a sale process to…
Italy Historically maintained a broad and varied portfolio, onshore and offshore Italy Focus area Ongoing exercise to rationalise asset base enhance working relationship with industry regulator focus on where value can be…
Italy Southern Adriatic, F.R39 Cygnus prospect identified by Northern on B Cygnus Isopach 2D seismic + top structure possible common oil water contact with Aquila oil field 3D seismic planned in Q4 2013 subject to Aquila…
Italy Southern Adriatic, F.R40 Giove oil discovery internal review conducted evidence for significant increase in oil in place third party engineers engaged to update field model further work plan to be developed based on…
Canada Alberta Limited global opportunities for small companies to establish and build production in 100 oil environment Redevelopment of the Keg River carbonate reef play in north west Alberta has key characteristics: excellent…
Canada Keg River Land position acquired in March this year original testing plan drawn up for August to October, however access to existing well bores not granted until September time used to refine testing programme Acquisition…
French Guiana Current well (GM-ES-5) is the final well of the four well drilling programme undertaken after the Zaedyus oil discovery results expected towards the end of Q4 this year 2014 work programme focused on evaluating the…
The Netherlands The majority of The Netherlands assets were acquired from NAM in 2005 Opportunity for NOP to bring into production undeveloped discoveries and pursue exploration opportunities Portfolio currently averages c. 850…
UK and Australia UK Non-core, but currently providing low maintenance and low decline production, albeit small c. 20 bbls/d oil production Discussing with partners and local industry participants the value of the Markwells Wood…
Interim results and financial summary Six months to 30th June 2013: Six months to Six months to 30 June 2013 30 June 2012 000 000 Revenue 6.1 7.5 Cost of sales (3.6) (3.3) Gross profit 2.5 4.2 Profit before tax 0.2 1.2 Cash…
Summary Northern is undergoing significant change There is material inherent value embedded in the Companys assets Short term activity aims to demonstrate that value and drive share price growth complete the sale of the Company…
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