From Rigzone
Northern Petroleum Plc 7/10/2006
URL: http://www.rigzone.com/news/article.asp?a_id=33950
London-based Northern Petroleum Plc said that the Dutch Ministerie van Economische Zaken has formally consented to the subdivision of the Andel II license held by Nederlandse Aardolie Maatschappij B.V. (NAM). The economic ministry also has approved the transfers of the new Andel III license between NAM and Northern’s wholly owned Netherlands subsidiary, NP Netherlands B.V. (NPN). Northern said that the relevant documentation is being prepared.
The new Andel III license contains the Andel, Brakel, and Ottoland discoveries that Northern has secured under the terms of its agreements with NAM. NPN also has a commitment to NAM to drill one exploration well on the Andel III license within the next 2 years.
“Northern is delighted to have received the approval for this transfer following the award of the 25-year Papekop Production License last month,” said Derek Musgrove, Northern’s managing director. “We now look forward to bringing Ottoland and Papekop, our two oil development projects, into production as soon as possible. With these transfers soon to be in place we are reviewing the possibility of significantly increasing oil production levels at an earlier stage than originally planned.”
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