Northern Petroleum Plc

March 27, 2009 11:15 ET

Operations Update - Italy

Embargoed for release: 1515 on 27 March 2009
                                        Northern Petroleum Plc
                                      ("Northern" or "the Group")
                                       Operations Update - Italy
Northern announces that its wholly owned subsidiary, Northern Petroleum (UK) Limited, has successfully
completed the infill seismic survey on licence CR147 offshore of the Italian island of Pantelleria.

The  survey was conducted to provide a more detailed definition of prospects first identified  by  the
2006 survey mapping.

The  potential  of  this licence is important to Northern and contains several large structures,  with
potential  for over 200 mbls recoverable oil reserves. The new seismic data will be made available  to
parties with whom Northern is in discussion to drill on this licence area.

Northern also announces that operations at the Savio 1x well in the Po Valley region of northern Italy
are  some  ten  days ahead of schedule. The intermediate casing is being run and set at  approximately
2485 meters sub-surface prior to drilling ahead in to the gas prospective section of the well.

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  and  Technical
Director  of  Northern,  Mr Graham Heard CGeol FGS, who has over 30 years experience  as  a  petroleum
For further information please contact:

Northern Petroleum Plc                                     Tel: +44 (0) 20 7469 2900
Derek Musgrove, Managing Director
Chris Foss, Finance Director
Graham Heard, Exploration & Technical Director

Investec                                                   Tel: +44 (0) 20 7597 5000
Michael Ansell / Patrick Robb

Blue Oar                                                   Tel: +44 (0) 20 7448 4400
Jerry Keen / Toby Gibbs

Bishopsgate Communications (Press)                         Tel: +44 (0) 20 7562 3350
Nick Rome / Michael Kinirons

Buchanan Communications (Analysts)                         Tel: +44 (0) 20 7466 5000
Tim Thompson / Ben Romney

Notes to Editors:

Northern has recoverable Proven and Probable reserves of 76.5 million barrels of oil equivalence.

Following a deal with the joint Shell and ExxonMobil subsidiary, NAM, Northern became The Netherland's
second  largest  onshore  oil  company  in  terms of oil and  gas  reserves,  with  45.5  million  boe
recoverable.  It  is  currently producing gas at Waalwijk and the offshore  P12  fields.  The  planned
development  of  six  onshore  oil  and  gas  fields  is  being  progressed  through  the  Netherlands
authorisation  and  planning processes. Partners in these projects include Dyas  B.V.,  EBN  and  NAM.
Northern recently sold its interest in the Waalwijk Underground Gas Storage project application for an
overall consideration of £10 million.

Northern  manages  the  largest  licensed exploration area in Italy, over  13,000  km²,  predominantly
offshore but includes seven licences in the Po Valley oil and gas province in the north of the country
where  the  drilling of the Savio 222 bcf gas prospect is being progressed. Through  its  holdings  in
licences  in the southern Adriatic covering the Rovesti and Giove oil discoveries it has net  Probable
oil reserves independently assessed at 26.6 million barrels recoverable. It has recently signed a deal
with  Shell  Italia refunding Northern's past costs and providing for Shell Italia to  fund  the  next
phases  of exploration of a potential new oil province in the extension of the Apennine thrust  system
offshore Sicily.

In  the UK the Group is also a significant holder of licences in the south of England where it  has  a
10%  interest  in  the production from the Horndean oil field and a 5% interest in  the  Avington  oil
field. In 2009 it is planning to drill an eastward extension of the Horndean oil field. Northern has a
50% interest in the venture.

Further information on Northern is available at

Contact Information

  • Northern Petroleum Plc