StockMarketWire.com
Northern Petroleum, the AIM quoted oil company focusing on production led growth, provides the following update regarding drilling and operational activities in north west Alberta, Canada.
Drilling:
§ Drilling operations commenced on revised single well winter drilling programme on 5 January
§ Well 102/11-30 is targeting a different reef to those previously drilled by the Company
§ Results of post summer drilling subsurface review used to optimise drilling location to target a higher production and recovery well
§ Results expected in early February
Production:
§ Tie-in of high rate well from the summer campaign, 102/15-23, completed on 23 December 2014
§ Total production from the Company's Canadian operations exceeded 500 barrels of oil per day ("bopd") on 27 December 2014
§ Production range from the beginning of February expected to be 400 - 550 bopd, subject to a final review of the tie-in of other wells and excluding any contribution from 102/11-30
Corporate:
§ Unaudited cash balance at the year end was approximately US$12 million
§ Challenging oil price environment has led to capital programme revisions and corporate cost reductions
§ Graham Heard stepped down from the board at the end of last year, as previously announced.