Northern Petroleum Wins New Exploration License In Netherlands

Published: 22-Oct-2009

Northern Petroleum Nederland B.V. (Northern Petroleum) has been awarded an exploration license covering the Kerkwijk South gas prospect. The Engelen exploration license (Engelen) covers 97 square kilometers in the West Netherlands basin, an area where Northern Petroleum already holds four other exploration and production licenses (Andel III, Papekop, Utrecht and Waalwijk). The prospect has been mapped from existing seismic data and is on trend to the Kerkwijk gas discovery drilled in 1988.

The license application, in which Northern Petroleum has a 100% interest, will run for four years and was submitted in March 2009 in competition to the prior application of a third party. Engelen is adjacent to Northern Petroleum's Utrecht license which contains two undeveloped discoveries of immediate interest with a total gas in place 242 bcf (P50) and exploration prospects which will be evaluated in conjunction with the Engelen license.

Upon future conversion to a production license Northern Petroleum's 100% interest is by law subject to the election by Energie Beheer Nederland B.V. (EBN) to acquire a 40% paying participating interest.

Derek Musgrove, managing director of Northern Petroleum, stated: "This award is pleasing. It was processed within seven months, it was gained in a competitive process and it contains a mapped structure near to a gas discovery in the main play fairway. It is our 9th license in The Netherlands bringing the gross total area in which Northern Petroleum holds a license interest to 3497 square kilometers."