Grolloo Gas Field Flow Test Encouraging

Source: www.gulfoilandgas.com 7/9/2009, Location: Europe

A maximum gas flow rate of 16 million standard cubic feet per day has been measured by Northern Petroleum Nederland B.V. (NPN) at its Grolloo gas field in the Drenthe IV licence.

“If we were to assume a flow rate of 10 MMSCFD that would, based on a forecast gas price of EUR 0.20 per normal cubic metre, generate an annual revenue for Grolloo of approximately EUR 8million (£6.9million) net to Northern. This figure is based on NPN’s 45% interest and a sustained gas production level supported by a 3480-psi flowing pressure measurement. Grolloo is one of the smallest of the six fields of approximately 93.2 million proven and probable barrels of oil equivalence being developed in the Netherlands by NPN. This is the fourth of a total of five wells to be hydraulically fractured in a very successful enhancement programme, in which results have considerably exceeded expectations.

“The bottom-hole recorders will be retrieved later this month enabling confirmation of the reservoir pressure and final determination of the gas production profile for sales. The field is scheduled to be put on-stream in the fourth quarter of this year.

“Currently the well at the Geesbrug field is being prepared for hydraulic fracturing of the reservoir which has to date been very successful on the first four wells. At the Ottoland field, equipment and permissions are being procured to conduct a longer production flow test of both oil and gas.” commented Derek Musgrove, Managing Director of Northern Petroleum 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 and Technical Director of Northern Petroleum Plc, Mr Graham Heard CGeol FGS, who has over 35 years experience as a petroleum geologist.


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