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

For my interview, I'd just like to say it's a lovely cuddly share that might be worth a little more than its current sp.
Any good, ST???
Alan

Coming from a lovely cuddly punter like you, that's more than adequate, Al.

Buyer wanted, for undervalued oil + gas company, for sale by public auction;
guide price 360 - 400p per share.

The price reflects solid assets in a politically stable country.

Maybe of interest to Russians seeking stable assets without state intervention.

To register your bid visit MoneyAm Northern Petroleum thread and ask for Soul Trader.

Barclay

Since I shall be taking a 15% commission on sale I shall be delighted to handle any enquiries.

:o)

Whats with the big drop in price, are they trying to test our loyalty?

The market as a whole has dropped, especially mining and oil, hope this is the end of the slide as I'm still holding and the oil price is still above $70.

Does anyone have any ideas where we go from here?

I jumped ship to Monterrico Minerals a few days ago, but Neither has performed well. I think market may be going thorugh a little slump.

NOP should still be profitable if oil slumps to $40, IMO. Not forgetting that Dutch electricity prices are the driver for some of the revenue, and natural gas for the rest.

Oil producers have been basing their feasibility studies on historic prices, not the spikes of recent years, so the business case for NOP's projects remains intact for some time to come even if the current dip continues into a slump.

The price target of NOP at NAV 341p per share/price target 360p was calculated long before $70 oil came along, so I think we'd have a way to go before NOP should simply have to pack up and go home. I think the fact that the SP has not attained the target price is possibly an indicator that the NAV was still a little on the optimistic side, but again, once NOP goes to production the stock will be valued on a multiple of earnings, which takes us back to the feasibility study issue; NOP's and other E&P companies' projects are intended to be profitable at commodity prices way below what we are currently seeing.

Hang in patiently, is what I plan to do, unless the whole market goes so bearish that the safest thing to do is just get out of the way. NOP should be releasing results around the end of June, too, which might give the SP a boost.

All WDIK, IMO, etc.

Couldn't have said it better myself, Panmure Gordon warned that there would be a correction coming, but said NOP and a few other solid companies would be exempt.
But as always when a market dips as a whole even good companies get pulled down.
The difference is the good companies bounce back, and the over-hyped crap stays down, this might even give Northern more press coverage, as the financial media
tells people which few oil companies are the real deal.

Thanks Barclay - good comment on your part, too.

Look at this! In the midst of all the other news going on, it seems we overlooked the main news. I only found it by accident because I checked out Italy JV partner ATI Oil on OFEX.

Anyway, I've tried to paste some of the juicy bits - the full document is massive, so please peruse at your leisure.

Northern Petroleum PLC - Re. Placing to Raise GBP20 Million

16 May 2006

Northern Petroleum plc ('Northern' or 'the Group' or 'the Company')

Placing of 15,384,616 new Ordinary Shares at 130p per new Ordinary Share (the
'Placing Price') to raise 20.0 million gross for the Company ('the Placing')

The Company made arrangements to raise 20.0 million gross (19.0 million net
of expenses) by way of a placing of 15,384,616 new Ordinary Shares (the
'Placing Shares') at a price of 130p per share. The new Ordinary Shares will
represent approximately 17.0% of the enlarged issued share capital of the
Company. The Placing Price of 130p represents a discount of 7.1% to the closing
mid-market price of 140p as at 15 May 2006. Investec and Panmure Gordon & Co
have conditionally placed the Placing Shares with institutional investors. The
Placing has been fully underwritten by Investec and Panmure Gordon & Co
pursuant to the terms of the placing agreement entered into by the Company,
Investec and Panmure Gordon & Co (the 'Placing Agreement'). Following the
Placing there will be 69.6 million Ordinary Shares in issue.

Application has been made to the London Stock Exchange for the admission of the
Placing Shares to trading on AIM. It is expected that Admission will occur and
that dealings will commence on 19th May 2006 at which time it is also expected
that the Placing Shares will be enabled for settlement in CREST.

News on Holland:

Following the grant or transfer of the licences, the key tasks in achieving
this development timetable will be securing the necessary permissions. Subject
to planning consents, Northern is targeting first production in Q1 2007. Based
upon preliminary development schemes, the Company forecasts reaching combined
gross field production levels on proven plus probable reserves of 1,000 bopd
and 40MW of electricity by the end of 2007, rising to 5,500 bopd, 50MW of
electricity and 48mmscfd of gas by 2010.

................. Under its agreements with NAM, NPN has also agreed to farm-in to the Steenwijk
exploration prospect in the Schoonebeek production licence area and in to three
further near field exploration wells within the Drenthe and Andel II licence
areas. NPN will earn these interests by drilling and covering the combined NAM
and NPN expenses of four exploration wells and will, subject to Government
consent, assume operatorship of the activities in the Drenthe and Andel II
exploration part-areas. The agreements provide for NPN to recover all dry hole
costs out of the pre-tax revenues from future discoveries and thereafter share
the profits from the licence interests on an equal basis with NAM. Northern
anticipates the drilling of the Steenwijk well by NAM later this year and the
second exploration well during 2007.

The bottom line is that there will be a lot more activity forthcoming in Holland, although the article talks about other locations too. Please give it the once-over, as I'm sure there's plenty of worthwhile detail that I have missed.

Any thoughts?

PS - for those of you who may be trying to locate the RNS, I could only find it on my online broker's site, plus the reference made by ATI on OFEX. NOP has not yet posted the news on northpet.com. The full text is also available on Oilbarrel

HERE

At last a bit of a rise after the turmoil of the last few days. Mostly buy-side activity, particularly since around mid-morning.

Indicative quotes: NOP Bid: 138p Offer: 141p Change: 3.5

Well, those gains have now reversed, so I clearly spoke too soon.

Call me a traitor, call me what you like but I have just halved my holding and taken a reasonable profit in view of what looks like turning into prevailing bear-market conditions. I had almost a third of my portfolio in this one stock, and if there's one thing I can't bear too watch, it's profits evaporating into thin air.

I still have a chunky holding in this one, though, and am convinced that it will produce the goods; I just don't feel like fighting a losing battle with the bears.

Yes, I've done the same yesterday. Couldn't bear to see the gains dwindle away so took my initial investment out and left the profits in. Also sold all my JKX with over 300 % profit. I have topped up with SEY with the proceeds. Time will tell if I have done the right thing!

Thanks Gerry. In view of the bargains that will surely arise from this period of selling, I think it's a safe bet that somehow right will be on one's side. Even if NOP goes ballistic and we turn out to regret our conservative approach, I think there'll be so much else out there going begging that we'll actually be quite pleased in the long run.

BTW as enthusiastic as I am about NOP I think the SP may have been destined to move sideways over the summer even without current events taking their toll. That's fine by itself, but in a bear market you have to play safe.

All IMO, WDIK, etc.

ST, I certainly agree. Have you any SEY. I feel there are exciting times ahead with SEY. Incidentally, it was pleasing to see CDL nudge ahead slightly after the recent falls.

Gerry

I have no SEY in the matter (what an awful pun!). Am perusing the thread regularly tho.

You may be right. EOG (Warrants) are worth a look too. Am thinking of waiting with my cash until the end of the summer. Got a lot going on right now besides the stock market, so it may be prudent for me to wait.

I like it! ha ha... Yes. I have decided not to place any new cash for the forseeable future. Talk to you later ST.

Gerry