Northern Petroleum Annual General Meeting 22 May 2014
2013 a transformational year Highlights Canadian entry initial acquisition of 9,320 acres through Crown land sales Board restructuring including a new Chairman, CEO and independent Non-executive Directors Sale of the Netherlands…
Financial changes for 2013 Operational changes reflected in the primary financial statements Sale of the Netherlands performance of Dutch subsidiary to the date of sale represented in discontinued operations on P/L Change in ownership…
Northern Petroleum today Production led growth in Canada 30,000 acres with over 100 mmbbls original oil in place in north west Alberta Initial primary recovery target of 5 mmbbls (recovery to date is only 18%) Year end production…
The new Board Non-executive Directors Executive Directors Jon Murphy, Chairman Keith Bush, Chief Executive Officer previously Venture Production COO previously General Manager at E.ON E & P over 30 years industry experience over 20…
Canadian project Size of play 30,000 acres in north west Alberta Over 100 Keg River carbonate pinnacle reefs containing over 100mmbbls of light oil originally-in-place, as calculated by Alberta Energy Regulator Reefs originally…
Potential for additional recovery Rainbow analogue Majority of reefs at Virgo have a single well penetration Marlow Number of well penetrations per reef at Shekilie (Steen River) Rainbow is much higher Zama recovery factors have…
Production results All three wells put on production throughout April with oil trucked and sold locally 13-33 cleaned up to a very low water cut high rate test produced 230 bopd over a number of days will be placed on a long term…
Development focus unswept oil Conditions when drilled in 60s & 70s Drilling and production results support both 1. new wells into old reefs targeting unswept oil 1 2 2. re-entering old wells and putting back on production Well…
Virgo development plan Short term Finalise well locations and licence for summer drilling Conduct three well drilling campaign in late summer target un-swept oil at edge of larger reefs develop production capability of 500 b/d by…
Italy Exploration and appraisal Key area of focus in the Southern Adriatic: F.R39 which contains Cygnus prospect and Rovesti oil discovery F.R40 which contains Giove oil discovery continue developing working relationship with…
Italy F.R39 Cygnus prospect Cygnus Isopach Prospect identified on 2D seismic + top structure Aquila oil field (ENI) well data suggests a possible shared oil water contact Aquila oilfield Independent CPR gives a mean prospective…
Other assets French Guiana Four well drilling campaign completed late 2013 Well data and newly processed 3D seismic integrated, interpreted and mapped Operator planning the next activity with potential for further drilling Decision…
Investment opportunity Northern owns over 100mmbbls of STOOIP in Alberta, with a low primary recovery factor to date concept of increasing primary recovery successfully proven production and cashflow now initiated development…
Northern Petroleum Annual General Meeting 22 May 2014
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