barclay
- 27 Jun 2006 14:50
Star Energy is currently testing the Avington well in Southern England.
This will take about 4 weeks an RNS news feed said, it started on 25/06/06.
I hope it proves positive so we get a good share price rise!
We are 5% holders but i'm not sure how much in pence potential this is worth for the company.
Another good reason to hold on to this share.
mitzy
- 27 May 2011 08:44
- 239 of 286
The fall is overdone imo.
hlyeo98
- 27 May 2011 09:28
- 240 of 286
At Wijk en Aalburg, which came into commercial production in December 2010,
Northern has experienced the production of increasing quantities of oil,
followed by increasing quantities of water, which has now affected production
levels.
There are several possible explanations for such behaviour. A possibility could
be a near borehole build up of asphaltenes inhibiting flow. The well also has a
geological fault intersecting the base of the reservoir sequence which may be
acting as a conduit for the influx of liquids. It could also be a delay to
influx of lower permeability reservoir matrix gas, as at Grolloo. The issues
are being addressed and instruments were placed in the well on 25th May as a
first step in the determination of possible interventions. The carrying value
of the Wijk en Aalburg field as at 31st December 2010 is approximately 8
million. If the well interventions are ultimately unsuccessful, then Northern
would expect to see significant non cash depletion and impairment charges to
the income statement within the results for the year ending 31st December 2011,
the exact quantum of which would depend on, inter alia, future field
performance and gas prices.
hlyeo98
- 27 May 2011 13:13
- 241 of 286
It should be called Southern Petroleum.
hlyeo98
- 27 May 2011 13:17
- 242 of 286
Reserve estimates for Geesbrug, Grolloo and Wijk en Aalburg, the Company now expects to report a loss after tax for the year ended 31st December 2010 as a consequence of the resulting additional non cash depletion and impairment charges to the income statement.
Average production for 2010 was approximately 1,200 barrels oil equivalence per
day. The Company expects to report 2010 revenue of approximately 15 million,
broadly in line with market expectations.
Average production for the first four months of 2011 has been just over 1,900
barrels oil equivalence per day.
On average Dutch gas prices have increased by approximately 13% over the first
four months of 2011.
At Grolloo, which started commercial production in late 2009, the initial plan
had been to install compression and or other surface equipment to aid and
increase production once the pressure had stabilised and there was an
observable influx of supplementary gas flow from the lower permeability
reservoir matrix, allowing for the basis of design for the equipment. Until now
no such stabilisation has been observed.
Northern considers that it is not feasible to add compression in time to make a
material impact to 2011 gas production. In conjunction with preparation of the
Annual Report and Accounts for 2010 and for the purposes of production
projection and reserve assessment for the Grolloo gas field, Northern has taken
the decision to adopt what is considered to be the more conservative view that
pressure support from lower permeability reservoir matrix will not occur.
At Wijk en Aalburg, which came into commercial production in December 2010,
Northern has experienced the production of increasing quantities of oil,
followed by increasing quantities of water, which has now affected production
levels.
There are several possible explanations for such behaviour. A possibility could
be a near borehole build up of asphaltenes inhibiting flow. The well also has a
geological fault intersecting the base of the reservoir sequence which may be
acting as a conduit for the influx of liquids. It could also be a delay to
influx of lower permeability reservoir matrix gas, as at Grolloo. The issues
are being addressed and instruments were placed in the well on 25th May as a
first step in the determination of possible interventions. The carrying value
of the Wijk en Aalburg field as at 31st December 2010 is approximately 8
million. If the well interventions are ultimately unsuccessful, then Northern
would expect to see significant non cash depletion and impairment charges to
the income statement within the results for the year ending 31st December 2011,
the exact quantum of which would depend on, inter alia, future field
performance and gas prices.
At Geesbrug, a far larger gas field which was placed on-stream in December
2009, the production performance has been analysed in conjunction with the
disappointing results of the Tiendeveen-1 well five kilometres away. An updated
static reservoir model has been constructed that forms the current basis of the
revised reserves assessment prior to updating the dynamic model.
gibby
- 27 May 2011 13:49
- 243 of 286
will be watching for an opportunity here - i like challenges! after 3pm today & tuesday of most interest - yeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaa
hlyeo98
- 27 May 2011 15:11
- 244 of 286
No, gibby... the fun was early this morning.
gibby
- 27 May 2011 15:35
- 245 of 286
i know i was there lol - it is possible for some more end of day / early tues imo - i meant post this morning
gl
hlyeo98
- 27 May 2011 16:33
- 246 of 286
There will be more downward trend when NOP announces its reserves which is expected to be much reduced from previous estimation.
hlyeo98
- 27 May 2011 20:09
- 247 of 286
Buy Northern Petroleum (NOP) at 133.75p
Argues Tom Winnifrith of t1ps.com
Tom Winnifrith originally tipped Northern Petroleum (NOP) on t1ps.com way back in 2001 at 13.75p. Since then the shares have risen by 873%! But Tom believes there is still much further to go for the share price and that is why this red hot penny share is todays free share tip on UK-Analyst.com.
On t1ps.com, Tom publishes 20 hot tips like this each year with frequent updates on their progress. And while past performance is no guarantee of future success and some have gone down in value, we believe the overall t1ps record is pretty impressive. Since the foundation of the site in the summer of 2000 to 21st January 2011 across 221 tips, the average gain per tip was 59.64% with an average holding period of 31.7 months.*
And heres why Northern Petroleum is still a buy
Anyone without oil exposure at present needs their head examined. But that does not mean you should buy just any old oil stock. You want one with production not a wildcat explorer. You want one that is cheap at $70 oil but which will go through the roof if the Middle East crisis really kicks off. And you want one with exploration upside as a bonus. The stock you want to own is Northern Petroleum.
Now a few declarations before I go on. This company is a corporate client of Rivington Street Holdings, the owner of UK-Analyst.com. Funds I manage own a shed load of Northern shares (and are well up!) and also I first tipped this on t1ps at 13.75p so my readers are already almost 900% ahead. But that does not mean that you should not be buying more. Our fund has done so in recent months as this stock is just phenomenally cheap even in the unlikely event that the Mid East becomes some sort of multi-party democracy using an electoral system devised by Nick Clegg with women only shortlists and oil goes back to $70.
At 132.75p Northern is valued at 122 million. I value this on a sum of the parts basis. And here goes:
Net cash 20 million.
Holland Its producing assets will at current gas prices generate EBITDA of c20 million a year starting this year. There is exploration upside I value at nothing (but that is harsh) and so on a multiple of 5, which is less than a DCF valuation would arrive at, Holland is worth 100 million. That is very much a base case scenario.
The UK Northern is a producer from stakes in 2 fields (Avington and Horndean) with a 3rd (Markwells Wood) due onstream at some stage. It has exploration upside but I shall ignore that totally. Its assets will produce an average of 1.25 million free cashflow (on an $80 price) for 20 years. I shall be mean as this is onshore UK and value them at 10 million.
Guyane Northern has a 1.25% stake in a potentially giant field where Tullow will be actively driving forward a seismic and drilling campaign over the next two years. Wessex ( which also has a 1.25% stake) says that its stake is, on a risk weighted basis, worth 20 million and there is broker research to support this claim. Heck, if Tullow finds something 20 million will be conservative. But it has not yet. So I value this asset at 5 million but note the upside.
Italy Northern has vast exploration acreage which we already know contains at least 50 million barrels but the size of fields in the region where it operates offshore Italy means the real number could be much much more. Northern is exploiting this via a series of farm out deals the biggest of which is with Shell which has already undertaken a lot of seismic work on its acreage with Northern. Clearly Italy has potential but what will trigger the market realising this? Two things: Further big name farmouts as Northern still has stacks of acreage it is not working on actively. And secondly a commitment from Shell to start drilling. My sense is that there will be other farm out deals over the next six months and I expect a decision from Shell by the end of May. Frankly it could come at any time. Right now Id value the Italian assets at an extraordinarily mean 1 a barrel (so call it 50 million) but if Shell says it is drilling the valuation would have to double or quadruple or more. And another big farmout would have a material effect too.
Conclusion
So already we have a valuation on a sum of the parts basis of our incredibly mean Italian valuation of 185 million or 200p per share. But that Italian number is just wrong. If we get the right news from Shell or another farmout you could easily be valuing Italy at 200 million and as such 200p becomes 362p.
The point about this is that you cannot finesse a trade. Nobody knows when mighty Shell will pronounce. No-one knows at what pace Northern will sign other farm out deals but I am certain that it will. By the time you read a release the price will have zoomed ahead. So you just have to ask yourself: what is the downside to buying now?
I am pretty sure that the UK assets could be sold quickly if Northern accepted 10 million. So that would leave net cash at 30 million and Holland chucking off 20 million a year that is net cash 33p and Holland chucking off 22p per annum. That more than underpins the current share price on its own which leaves more or less zero downside risk. So the smart investor just takes the plunge, buys now and waits on Italy. It should not be long. The shares should be trading at 200p right now with the right news from the land of Berlusconi then 362p is not unrealistic. That means that, even if you are already 900% ahead, Northern is a slam dunk buy.
For more hot tips like this from Tom, join t1ps.com now.
mitzy
- 30 May 2011 19:23
- 248 of 286
I will buy next week.
cynic
- 30 May 2011 20:12
- 249 of 286
having held both EO and XEL when they dumped, i'm amazed i have never ever held this one - must be a lot of very sore heads
required field
- 31 May 2011 08:17
- 250 of 286
euhhh....yes...
dreamcatcher
- 31 May 2011 15:15
- 251 of 286
Did you buy any mitzy. I held this stock until January. Never seemed to move for me.
So low now must move up. Good luck if you purchased.
dreamcatcher
- 08 Jun 2011 18:30
- 252 of 286
KeywordCompanyEPIC/TIDMSEDOL/ISIN Print Wednesday 08 June, 2011Northern Petroleum PLC
Annual Report and Notice of Annual General Meeting
Embargoed for release: 1730 on 8 June 2011
Northern Petroleum Plc
("Northern" or the "Company")
Annual Report and Notice of Annual General Meeting
Northern is pleased to announce that the 2010 Annual Report, incorporating the
Notice of Annual General Meeting ("AGM"), is now available on the Company's
website (www.northpet.com) and will shortly be posted to shareholders.
The text of the AGM Notice is reproduced in full below:
NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be
held at Stationers' Hall, Ave Maria Lane, London, EC4M 7DD on 29 June 2011 at
10.30am for the following purposes:
To consider and, if thought fit, pass the following resolutions to be proposed
as Ordinary Resolutions:
1. To receive the report of the Directors and the audited accounts for the year
ended 31 December 2010.
2. To re-appoint KPMG Audit Plc as auditors and to authorise the Directors to
fix their remuneration.
3. To re-elect A N Brewer (who retires from office in accordance with Article
108 of the Company's Articles) as a Director of the Company.
4. To authorise the Directors, pursuant to and in accordance with section 551
of the Companies Act 2006 (the "Act") to exercise all powers of the Company to
allot ordinary shares in the capital of the Company and grant rights to
subscribe for or convert any security into ordinary shares up to a maximum
aggregate nominal value of 1,162,500 (being approximately 25% of the Company's
issued share capital as at the date of this notice), provided that such
authority shall expire at the conclusion of the next Annual General Meeting of
the Company, except that the Directors may, before such expiry, make offers or
agreements which would or might require ordinary shares to be allotted or
rights to be granted after such expiry and allot ordinary shares or grant
rights in pursuance of such offers or agreements.
To consider and, if thought fit, pass the following resolutions to be proposed
as Special Resolutions:
5. To authorise the Directors, pursuant to and in accordance with section 570
and 573 of the Act, to allot equity securities (as defined in section 560 of
the Act) for cash as if sub-section 561 of the Act did not apply to the
allotment of equity securities pursuant to the authority conferred on them
under section 551 of the Act up to the aggregate nominal value of 465,000
(being approximately 10% of the Company's issued share capital as at the date
of this notice), such power to expire on the earlier of the conclusion of the
next Annual General Meeting of the Company and 15 months after the date of the
resolution (but so as to enable the Company, before the expiry of such power,
to make offers or agreements which would or might require equity securities to
be allotted after such expiry and to enable them to allot equity securities for
cash pursuant to such offers or agreements as if the power conferred thereby
had not expired).
6. To authorise the Company, generally and unconditionally, to make market
purchases (within the meaning of section 693(4) of the Act) pursuant to and in
accordance with section 701 of the Act of fully paid ordinary shares in the
capital of the Company upon and subject to the following conditions but
otherwise unconditionally:
a. the maximum number of ordinary shares hereby authorised to be purchased is
4,650,000, which is approximately 5% of the ordinary share capital of the
Company as at the date of this notice;
b. the maximum price which may be paid for each such ordinary share shall be
an amount no more than 105% of the average of the middle market quotations
for an ordinary share as derived from the Alternative Investment Market of
the London Stock Exchange for the five business days immediately preceding
the day on which such ordinary share is contracted to be purchased
(excluding expenses) and the minimum price which may be paid for such
ordinary share shall be the nominal value of such ordinary share at the
time of such purchase (excluding expenses); and
c. unless previously varied, revoked or renewed, the authority conferred by
this resolution shall expire on the earlier of the date 15 months after the
passing of this resolution and at the conclusion of the next Annual General
Meeting of the Company after the date on which this resolution is passed,
provided that the Company may before such expiry date enter into a contract
to purchase ordinary shares under this authority which will or may be
completed or executed wholly or partly after the expiration of such
authority and may make a purchase of ordinary shares in pursuance of such
contract.
By order of the Board
C J Foss
Secretary
Registered Office:
2nd Floor, Martin House
5 Martin Lane
London
EC4R 0DP
Dated 7 June 2011
Notes:
1. A member of the Company entitled to attend and vote at the meeting convened
by this Notice may appoint a proxy to attend and vote on a poll in his stead. A
proxy need not be a member of the Company. A member may appoint more than one
proxy provided that such appointment is in respect of voting rights attaching
to different shares.
2. To be valid, the enclosed Form of Proxy must be completed and lodged
together with the Power of Attorney or any other authority (if any) under which
it is signed, or a notarially certified copy thereof, at the offices of the
Company's Registrars, Neville Registrars Limited, Neville House, 18 Laurel
Lane, Halesowen, West Midlands B63 3DA not less than forty eight hours before
the time appointed for holding the meeting.
3. Completion of the proxy does not preclude a member from attending and voting
at the meeting if they so wish.
4. The Company, pursuant to Regulation 41 of the Uncertificated Securities
Regulations 2001, hereby specifies that only those shareholders registered on
the Register of Members of the Company at 10.30am on 27 June 2011 shall be
entitled to attend or vote at the meeting in respect of shares registered in
their name at the time. Changes to entries on the relevant Register of Members
after this time shall be disregarded in determining the rights of any person to
attend or vote at the meeting, notwithstanding any provisions in any enactment,
the articles of association of the Company or other instrument to the contrary.
- Ends -
For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7469 2900
Chris Foss, Company Secretary
Cenkos Securities (NOMAD and Joint Broker)
Jon Fitzpatrick Tel: +44 (0) 20 7397 8900
Ken Fleming / Beth McKiernan Tel: +44 (0) 131 220 6939
Jefferies International (Joint Broker) Tel: +44(0) 20 7029 8000
Chris Snoxall
Financial Dynamics Tel: +44 (0) 20 7831 3113
Billy Clegg / Edward Westropp
Bishopsgate Communications Tel: +44 (0) 20 7562 3350
Nick Rome / Michael Kinirons
Notes to Editors:
Further information on Northern is available at www.northpet.com
dreamcatcher
- 10 Jun 2011 17:48
- 253 of 286
Archives Newswires LON:NOPProactiveinvestors recommends
Northern Petroleum: many assets, strong focusLENI GAS & OIL: ADVANCING ITS OPERATIONS IN SPAIN, THE GULF OF MEXICO, TRINIDAD AND MALTAXtract Energys Kyrgyz JV gets approval to drill exploration wellAdditional Information
Market: AIM
Sector: Energy
EPIC: NOP
Latest Price: 80.25p (0.63% )
52-week High: 140.00p
52-week Low: 73.00p
Market Cap: 74.69M
1 year chart
1 day chart
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www.northpet.com
Northern Petroleum Plc is an oil and gas exploration, development and production company focused on the European Union and nearby areas. The Company is an operator of both onshore and offshore projects including a producing oilfield and boasts a management and technical team of the highest quality.
.Full Northern Petroleum profile here
Northern Petroleum undervalued, says Edison
11:28 am
Shares in oil and gas group Northern Petroleum suffered badly late last month after it cut reserve estimates for its Dutch assets but broker Edison believes the sell-off has been overdone and the shares are now undervalued Shares in oil and gas group Northern Petroleum(LON:NOP) suffered badly late last month after it cut reserve estimates for its Dutch assets but broker Edison believes the sell-off has been overdone and the shares are now undervalued.
Despite the cut in estimates Edison notes that production from Northerns Netherlands asset base has actually increased significantly in the last year. It adds that based on these assets alone, its core NAV of 126p continues to support value well above Northerns current share price.
The broker furthermore points to material upside potential from the groups Italian portfolio, where several key catalysts are expected near term across a range of high-impact prospects. The successful farm-outing of 15% of its Southern Adriatic prospects to Azimuth is a first step to accessing proven plus probable reserves of 53.2millions barrels.
Meanwhile, the Thrust and Fold Belt project offshore Sicily, containing potential multibillion barrels of oil is also moving forward, with partner Shell recently appointed to hold discussions with the Italian authorities ahead of potential drilling early 2012.
Elsewhere in Italy, Edison highlights the groups 40 billion cubic feet onshore methane gas prospect, which should spud later this year, and notes the company is also working towards drilling further prospects in the Sicily Channel.
Despite the groups recent woes in The Netherlands, Edison reckons it still has a solid production base there, with four new gas fields brought on stream in late 2009 and into 2010 and production increased significantly to 1,195 barrels of oil equivalent per day (boepd) in 2010 from 365boepd. That is providing the cashflow that underpins the exploration drive in Italy.
Despite the recent adjustment for The Netherlands, reserves remain significant at 29.6 million barrels of oil equivalent. Going forward, key potential share price catalysts for operations in The Netherlands include the expected drilling of Papekop-2 and Geesbrug-2 late 2011/early 2012.
The stock was trading at around 120p before the Dutch reserves downgrade took its toll. This morning the shares stood at 78.25p, down 2%.
Edison believes at current levels the stock is undervalued, pointing out that while core NAV, made up solely of Dutch assets, is 126p, the near-term Italian exploration programme, which excludes the major Sicily developments, suggests a Risked Exploration Net Asset Value (RENAV) of150p
hangon
- 27 Jun 2011 16:44
- 254 of 286
Yes, all well and good, but the fall 27May was because the Company was found out. They had to admit their figures were inaccurate, - and so the Market must question "everything they say - from now on."
+ That Edison report was paid-for by NOP (DYOR), so it's possibly prone to putting a gloss on things - and I recall NOP telling the Market that their SP was worth almost double the current valuation and maybe even more . . . that seems to be their line, whatever News was out.
Now, I don't know; but I do care.
BUT - It seems that bringing in profits is "still" a long-way off - hence there is a tendency to Sell. rather than Buy - so MM's push the price lower.
If that "S.England site" doesn't come REALLY good, I suspect we could see 50p - and I recall that happened once before, when NOP was "found-out" (my words- DYOR) when the IoW site was found Dry. . . .. or close-enough not to be worth further work. Whilst there is Oil in the County, there is a risk their share has been "drained away" (my words) over the relatively long time that (now Star-site) has been operating. That production isn't great, but they've repaid their investment - Odd that no-one wanted to buy the NOP-site when it was suggested as a Sale, eh?
If it's Good, it will add little to the sp (but will do Management lots of Good).....but if Bad it will/could destroy their future IMHO - it's largely "trust" that makes investors believe in NOP-Management for as many years as we've endured....
Only when real-profits are IN, will shareholders see any divi - everything else is pure speculation, based on the Co Execs telling us what they think they believe is in the ground. That will only arise, IMHO when Italy (Po-valley), comes on-stream. Ar we seeing a time-scale of another Four Years, perhaps...
Bah!
hlyeo98
- 27 Jun 2011 20:23
- 255 of 286
Never trust NOP again as it gives false accounts
Bullshare
- 04 Sep 2012 10:26
- 256 of 286
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Registration: 6.00pm
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Companies Presenting:
GREEN DRAGON GAS Plc
Green Dragon Gas Plc(GDG) is one of the largest independent companies involved in the production of CBM gas and the distribution and sale of wholesale gas in China.
NORTHERN PETROLEUM Plc
Northern Petroleum Plc (NOP) is an EU oil company that acquires low entry cost exploration, production and development assets and is committed to adding high value to shareholders from production and asset sales.
NOSTRA TERRA OIL & GAS COMPANY Plc
Nostra Terra Oil & Gas Company plc (NTOG) is a fast growing, AIM traded oil and gas producer with projects in Oklahoma, Colorado, Kansas and Texas. The USA is going through an oil and gas boom at present as new drilling and recovery techniques expose exciting new reserves out of established hydrocarbon basins and Nostra is well positioned to take advantage of this. The company is debt free, raised £2m over the summer and signed a Standby Equity Distribution Agreement for up to £10m, giving the company the opportunity to quickly pin down highly attractive acquisition opportunities. Matt Lofgran, CEO will be talking about their latest acquisition, new wells and other activity.
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More companies to be announced
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Date: Thursday 11th October 2012
Venue: Redmayne-Bentley, 9 Bond Court, Leeds LS1 2JZ
Registration: 6.00pm
Presentations: 6.45pm followed by a drinks/canapés reception
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Companies Presenting:
GETECH GROUP Plc
GETECH's (GTC) principal activities are producing, selling and marketing gravity and magnetic products, and providing gravity and magnetic services to the oil and mineral industry. The Group provides technical capabilities such as structural and geological interpretations to define basin geometry and history, defining source rock maturation history, petroleum systems identification and evaluation, and identification of tectonostratigraphic provinces, tectonic domains and hydrocarbon systems. GETECH has compiled one of the most extensive commercial libraries of gravity and magnetic data.
GREEN DRAGON GAS Plc
Green Dragon Gas Plc(GDG) is one of the largest independent companies involved in the production of CBM gas and the distribution and sale of wholesale gas in China.
NORTHERN PETROLEUM Plc
Northern Petroleum Plc (NOP) is an EU oil company that acquires low entry cost exploration, production and development assets and is committed to adding high value to shareholders from production and asset sales.
More companies to be announced
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hlyeo98
- 04 Dec 2012 13:31
- 257 of 286
NOP found a bit of oil today.
cynic
- 04 Dec 2012 13:36
- 258 of 286
from where did you get that idea?
NOP own a big slab of the TLW duster - see that thread/RNS