| CATEGORY: SMALL CAPS NEWS SECTOR: OIL & GAS PRODUCERS |
Higher prices lift revenue at Northern Petroleum |
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Fri 17 Apr 2009
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LONDON (SHARECAST) - Last year’s strong energy prices boosted revenue from Northern Petroleum’s Waalwijk and P12 gas fields by 11%, the high-flying oil and gas group said today.
The fields contributed revenues of about €6m, up from €5.4m in 2007, with oil revenues at Horndean up to $600,000 from $450,000
Net attributable production dipped to 0.12 million barrels of oil equivalent (boe) from 0.16 million boe the year before, most of which came from the Waalwijk and P12 gas fields.
They came in with a combined total of about 0.66 billion cubic feet (bcf) of gas versus 0.88 bcf in 2007. Production at the Horndean oil field was 2.7% lower at 6,564 barrels for the year.
Northern says it had about €34.9m net cash as at 31 December 2008, much of which is held in euros, providing a natural hedge for the firm’s ongoing capital expenditure programme. There’s also €8.5m of deferred consideration to come.
"2008 has been another year of significant financial and operational progress,” said finance chief Chris Foss. “Consequently we stand well positioned to deliver on our primary near term objective of bringing our Dutch developments onstream, whilst looking forward with anticipation to exploration success.”
In a separate statement, the company said post hydraulic reservoir fracturing flow testing has been completed on the Ottoland 1 side track during. The well flowed oil and water at improved rates to the July 2007 tests, proving the fracturing programme to be a success.
Full year results are due mid-May.
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