looks like its hit oil, don't know whats gonna happen, any idea's ???

Moving in the right direction but still no news from the company! Where are they?

Interesting but it does not mention the actual news!

LONDON (AFX) - Shares in Northern Petroleum edged higher in the wake of bullish noises from Mark Watson-Mitchell of SQC Research.

Market whispers, said Watson-Mitchell, suggest that a floating off of a part of the company's Italian interests into a new OFEX vehicle is imminent, the value of which would significantly underpin the current market capitalisation of the group.

Further early newsflow could centre upon the 12th Onshore and the 22nd Offshore UK Licensing Rounds, as well as the green light from the planners for the Isle of Wight drilling programme, the analyst added.

Watson-Mitchell sets a price target for Northern of 20 pence by the end of 2005. Its shares were 0.37 ahead at 9.87 pence by 8.32 am.

News just came in !!

I am very new to this game and so need some advice!

The news has been and gone but the price hasn't moved. Is it time to go elsewhere or am I too impatient?

I am starting to feel that 10p is not just a psycological barrier - it is fair value.

np

Yes, I would tend to agree that 10p is a fair value today but they can now drill Sandhills-2 which has the possibilty of striking oil and has been described as low risk although in the oil industry there are no certainties when it comes to finding oil. Nop may also float the Italian part of the company [rumoured to be imminent] on Ofex which could generate 16 million if you can believe the stories going about. If oil is hit on Sandhills-2 the other licences would look very promising as they are following the same Geology.
10p has been tried before but has proved a stumbling block but the company is in a better position now tha then so IMHO I would think it will go through 10p before the weekend.

Oil of Wight

THE Isle of Wight is not a place you associate with oil more donkeys on the beach than nodding donkeys, I suppose but a London oil company has been given permission by the local council to drill for the stuff.

Northern Petroleum hopes to exploit a discovery made by British Gas in 1982, and extract between five and ten million barrels from a site three miles west of Newport. Those who cherish this gentle island will know that it has yet to encounter the latter stages of the 20th century, and the drilling will respect its unique nature.

So: blades, not flails, to cut the hedges around the site, and lorries leaving it will have to be hosed down to ensure they dont carry too much mud on to the roads.

http://business.timesonline.co.uk/article/0,,8210-1264501,00.html

Northern Petroleum


MARK Watson-Mitchell, is a wily old investor and research analyst who, while not infallible (who is?), has the knack of getting close to smaller companies when they are ready to blossom.


So when I received the note on Northern Petroleum from his SQC Research this week I was interested to see he has set a target price on the shares of 20p by the end of 2005 against their current 7.5p.


I wrote in May about Northern Petroleum's 4.2-acre site on the Isle of Wight, bought for 9,000 an acre, and said it may prove to be one of the UK's largest onshore oil fields.


Mr Watson-Mitchell goes further, saying: 'The company has assembled a number of very interesting interests in key south-east England areas, centred upon previous oil discoveries, and it has been able to assemble a mass of data at extremely low cost, from which it believes that its new technology will enable it to establish commercial workings.'


He also says that the group's operations in Spain and Italy 'offer strong future potential' adding that the market is suggesting the Italian interests might be floated off into a new Ofex vehicle

http://www.thisismoney.com/20040916/si82548.html

A YORKSHIRE firm is bidding to become one of the first private companies in the UK to play a major role in developing Libya's vast oil fields.

Gary International, which is the principal client company of Beverley-based The Pacific 1899, has signed an agreement with Northern Petroleum to explore for oil in the former pariah state.
They are looking for investment partners to help them win licences to drill for oil in fields which are expected to contain reserves worth billions of pounds.
The Pacific is the UK service company for Gary International, which has traded in Libya for 28 years, while London-based Northern Petroleum already has oil and gas interests in the UK, Spain and Italy.
John Hart, the Pacific's head of finance, said the agreement followed two years of informal talks with Northern Petroleum, which is listed on the Alternative Investment Market (AIM).
Libya has started to rejoin the international business community following its decision to renounce terrorism.
"For many years we have been seeking a UK oil exploration company to help in our ambitions to explore and eventually produce oil in Libya,'' said Mr Hart.
"The embargo against Libya has recently been lifted and Libya is wishing to develop ever stronger ties with Europe and the UK. We have found a very favourable response to our overtures regarding oil exploration investment in Libya." Mr Hart said Gary and Northern Petroleum were 50/50 partners in the joint venture, which planned to enter the next bidding round for stakes in oil fields.
On average, five test wells have to be drilled before engineers strike oil. Altogether, Mr Hart believes the joint venture needs guarantees of 200m. Gary International is hoping to raise 16m and is seeking backers to make up the shortfall.
"There is fantastic potential in Libya," he added. "Northern Petroleum are offering to give us all the back-up we need with their expertise in the business."
Mr Hart said there were tremendous opportunities for businesses wanting to seal contracts in Libya.
Earlier this year, Gary International signed a 13.8m deal to build a sewage plant on the outskirts of the capital, Tripoli.
The Pacific recently contracted a controlling stake in Gary, which has traded in Libya since 1976.
Initially, Gary acted as agents for phosyn fertilisers. It later diversified from agriculture into industry, securing contracts to build sewage and water treatment works, roads and factories. One of Gary's sister companies, Halcyon Hydrocarbons, has been invited to negotiate for oil leases by Libya's National Oil Corporation.
Prime Minister Tony Blair's meeting with Libyan leader Muammar Gaddafi in March marked the latest step in Libya's rehabilitation.



http://www.yorkshiretoday.co.uk/ViewArticle2.aspx?SectionID=1299&ArticleID=865564

Thanks for the information, very interesting. I believe this stock has alot of upbeat. I heard rumours that they are to announced some drilling report in Italy within a month.

They are liable to float off their Italian interests on OFEX in the next month.

From the Chairman statement

Italy - "I believe that our position in Italy is not fully recognised...We have now been awarded, or have outstanding applications for, an area covering 8,393km2 , equivalent to about 42 North Sea blocks...A certain amount of patience has been needed, but now it is time to draw more attention to an asset that could be described as very significant. However viewed, it is not small.


This has the potential to be a multi bagger but then I am biased I own a few.

Whats a multibagger?

Price increased by a multiple of times

Looks very promising up slightly today.

I am in a good position to see (physically) when drilling occurs in Hedge End M27 junction. It is not yet happening. Any ideas as to when?

Does anyone have any ideas as to why the sp has been creeping up over the past weeks?

NP

I think there is announcent on the Italy drilling report which is coming soon.

hence the large number of trades recently

Cheers guys

NP

np1009440, do you have a big holding??