NORTHERN PETROLEUM PLC

Canada

Overview

In 2013 Northern acquired 9,320 acres of mineral leases in the Virgo area of north west Alberta to pursue a light oil redevelopment opportunity. The Group’s land position has grown to approximately 30,000 acres over 94 mineral leases to enable a sustainable and growing production base.

The Group’s land position comprises acreage with an estimated 108 mmbbls STOOIP as determined by the Alberta Energy Regulator, with an existing average recovery factor of only 18 per cent to date. The appraisal and development work performed during 2014 confirmed the concept that recovery factors of approximately 25 per cent should be achievable from the Keg River play with primary recovery and an upside of over 40 per cent may be possible using enhanced oil recovery techniques. 

During 2014 two drilling campaigns, each of three wells, were undertaken. All six wells provided valuable lessons and prompted a focused subsurface review aimed at delivering similar high performance results. Other activities in the fourth quarter of 2014 concentrated on the installation of the surface facilities and the tie-in for the 102/15-23 well, along with well planning for the next drilling phase. Once the facilities work was completed, production was progressively increased enabling the Group to achieve a total field production rate from four producing wells of more than 500 bopd.

Following the initial seven well proof of concept programme a period of subsurface analysis is underway to integrate the results into the Company’s understanding of the Keg River play before planning the next stage of development. 

 

Summary

At 31 March 2016

Production testing

58,000

acres

170 million

barrels of oil estimated as originally in place across lease

19%

recovery to date

Canada news

21.04.2016

Annual Report and Notice of Annual General Meeting 

Northern Petroleum (AIM:NOP) has published the 2015 Annual Report and Accounts, along with the notice of 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.

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06.04.2016

Canadian Production and Development Update 

Northern Petroleum, the AIM quoted company focusing on production led growth, provides the following update...

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15.03.2016

Canadian Production and Development Update 

Northern Petroleum, the AIM quoted company focusing on production led growth, provides the following update...

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15.12.2015

Canadian Acquisition and Consideration Paid

Northern Petroleum Plc (AIM:NOP) confirms that the cash consideration for the acquisition of Canadian production and reserves (the "Rainbow Assets") has now been paid to the vendor and final completion of the acquisition is subject to the assignment of the leases to the Company by the Alberta Energy Regulator ("AER"), which is expect to occur shortly. 

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