Northern holds 100% of Petroleum Exploration Licence PEL629 covering an area of 5,800km2 with shale oil prospectivity. The licence is in the Otway Basin, South Australia's second most prospective onshore oil and gas province. This basin is lightly explored and Northern's licence is situated in the producing portion of the onshore basin, where significant amounts of gas and condensate have been discovered.
Five exploration wells have been drilled within the licence and some 4,468 line km of 2D seismic data is available.
The initial work programme focuses on the unconventional potential of the Late Jurassic to Early Cretaceous Casterton and Sawpit formations. This will be achieved through seismic reprocessing geochemical analysis and detailed log analyses to characterise the unconventional shale resource objectives.
The Otway Basin has existing infrastructure with possibilities for rapid development of potential discoveries. Recent drilling activity in the adjacent acreage, operated by Beach Energy Limited, has further enhanced the potential of the licence.
Northern Petroleum (AIM:NOP) has published the 2015 Annual Report and Accounts, along with the Company's Annual General Meeting, which will be held at 10:30 am on 25 May 2016 at the offices of KPMG LLP, 15 Canada Square, London, E14 5GL.
The Government of South Australia has announced a wholly owned subsidiary of Northern Petroleum Plc...