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

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

I was thinking this earlier but didn't want to seem like a traitor too, but we have to follow a golden rule of not getting attached to stock, i'm switching to eoagw because it's near term prospects are better, there will still be upside on northern
when it starts production early next year and as it gradually increases output, albeit maybe less. Hellyeah!

Good stuff B.

Northern Petroleum PLC - Holding(s) in Company
For immediate release: 18 May 2006

Northern Petroleum Plc

('the Company')

Notification of Shareholding

The Board of Northern Petroleum Plc has today received notification from
Artemis Investment Management Limited that Artemis Special Situations is the
beneficial owner of 1,767,000 ordinary shares, which represents 3.28% of the
issued ordinary share capital of the Company.

There is a morning note from Panmure Gordon on NP website stating that, because of the dilution of stock, their target price has been reduced to 320p from 360p, and that NP dutch assets will be cashflow positive by 2008.

Any comments?

Fine by me - the reduction in the target price is natural following such a dilution. Obviously one would prefer to avoid the dilution altogether, but it's all in a day's work and at least the cash is being invested in a project that will bring positive cashflow, unlike in the case of some E&P co's which spend hundreds of millions funding unsuccessful exploration bids.

The gas-to-electric projects "should be operational by 2007" - not sure if that literally means that this will be up and running by Christmas, but it does indicate how far along we are with NOP going into a more serious rate of revenue generation. It may take a further year for this project to start banking profits, but if other good news is added along the way, then I see good potential for the SP and would continue to hold my remaining core holding, possibly adding once the broader market has settled down.

The analyst also added, "Extensive exploration upside exists with Northerns operatorship and 50% working interest in 21 Italian licences. We particularly like the potential in the assets obtained on the Italian/Tunisian border in the Mediterranean, which are on trend with the significant gas and oil fields of Algeria and Tunisia."

This augurs well for the medium term, IMO.

Good news from the Netherlands!! RNS out today:


Northern Petroleum PLC - Award of Production Licence & Reserve Upgrade
Embargoed for release: 0700 on 09 March 2006

Northern Petroleum Plc

('Northern' or the 'Company')

NORTHERN AWARDED PRODUCTION LICENCE FOR THE DEVELOPMENT OF THE PAPEKOP OIL
FIELD WITH RESERVES OF 11.4 MILLION BOE NET TO NORTHERN

Northern is delighted to announce that NP Netherlands Limited, ('NPN'), a
wholly owned subsidiary, has been awarded a 25 year Production Licence for
Papekop from the Ministerie van Economische Zaken ('the Ministry') dated 7th
June 2006.

NPN has been informed that there will be a 40% State participation in the
licence, with NPN the holder of the remaining 60%. Such participation will be
on the basis of being a fully paying partner in all respects from licence
award, and payment of applicable back costs.

During the application process, further work has been undertaken and audited by
RPS Energy resulting in an upward revision of gross proven plus probable
recoverable reserves from those previously announced to 39.4 Bscf of gas and
12.2 million bbls of oil. (NPN's share is 23.7 Bscf and 7.3 million bbls of
oil). This is an increase of 1.5 million bbls of oil and brings the total
Netherlands reserves to 56 million boe. (14.2 million bbls and 242.6 Bscf).

Northern has also been advised that the Ministry has approved the transfer of
the Papekop Production Licence from NPN, the original applicant, to the
Company's wholly owned Dutch subsidiary, NP Netherlands B.V.

Derek Musgrove, MD of Northern, stated:

'It has been a process requiring a patient understanding of the Netherlands
regulations and laws.

We now embark upon an intense period of work to bring the Papekop field
on-stream. We can now confirm various contractual relationships which have
awaited this event and thank those that have given their full support during
what has often been a time of waiting.

We now go forward with financing in place from the recent placing of 20
million gross and the project finance facility of up to Euro 40 million
approved by the Credit Committee of Standard Bank Plc.'

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 Manager of Northern, Mr Graham Heard BSc (Hons), who has
over 30 years experience as a petroleum geologist. The reserve estimates
reported are based on the joint reserve and resource definitions of the Society
of Petroleum Engineers, the World Petroleum Congress and the American
Association of Petroleum Geologists.

This is good news, i hope the share price reaches it's justified value by christmas.
this market is frustrating.

I believe we will be pleasantly surprised with the share price by Xmas.

Embargoed for release: 0700 on 12 March 2006

Northern Petroleum Plc

("Northern" or the "Company")

Upgrade of Reserves - Weald Basin

Northern is delighted to announce the completion of a report commissioned by
the Company to re-examine some of the Group's Weald Basin assets to reflect a
$40/bbl oil price.

The report was carried out by Exploration Consultants Limited ("ECL"), a
leading independent reservoir engineering consultancy group, as a follow up to
their review completed last year which was announced by the Company on 4 May
2005.

The following results were obtained:-

Net Northern Reserves

Proved Proved +

Probable +

1.58MMstb * 4.51MMstb

The previously reported Weald Basin reserves were 1.27MMstb proved and
3.61MMstb proved plus probable.

Derek Musgrove, Managing Director of Northern commented:

"These further improvements in reserves are as a direct result of the increase
in commodity prices, which improve the economics and therefore enable more
reserves to be extracted profitably. I would add however that the report does
not cover all the leads and prospects within the Weald Basin that Northern is
working on.

The Avington-3 well, in which we have a 5% interest, is shortly to be tested
and we are planning, as operator, the drilling of two further Weald Basin wells
in which Northern holds a 50% interest. "

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 Manager of Northern, Mr Graham Heard BSc (Hons), who has
over 30 years experience as a petroleum geologist. The reserve estimates
reported are based on the joint reserve and resource definitions of the Society
of Petroleum Engineers, the World Petroleum Congress and the American
Association of Petroleum Geologists.

For further information please contact:

Northern Petroleum Plc

Derek Musgrove, Managing Director

Graham Heard, Exploration Manager

Tel: +44(0)20 7743 6080

Investec

Michael Ansell

Tel: +44(0)20 7597 5000

Panmure Gordon & Co

Katherine Roe

Tel: +44(0)20 7459 3600

Hansard Communications

Chris Roberts

Ben Simons

Tel. +44(0)20 7245 1100

Further information on Northern Petroleum Plc is available via our website,

www.northpet.com


* MMstb - millions of stock tank barrels of oil

There's a good article on Oilbarrel.com as well.

Lemme read it !!