Todays RNS gives all the facts: http://www.investegate.co.uk/Article.aspx?id=20091208065959M8382
Northern and its partners are pleased to announce they have started gas production from the Grolloo gas field, the first of four gas and two oil fields planned for development onshore The Netherlands. The Grolloo facilities have been commissioned and first gas sales commenced on December 4th 2009 at a daily rate of 200,000 normal cubic metres a day (7.4mmscfd). Development of all four gas fields (Grolloo, Geesbrug, Wijk en Aalburg and Brakel) will be completed by early next year. These will produce in aggregate daily rate of up to 800,000 m³ per day (approx 30 mmscfd) in 2010.
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Derek Musgrove, Managing Director, Northern added "We have achieved our first objective in our plans to place four gas and two oil discoveries on stream in The Netherlands. Naturally, with shareholders I look forward eagerly for Geesbrug, Wijk en Aalburg and Brakel to be contributing to production revenues in the next few months - weeks in the case of Geesbrug.
The Grolloo field alone is forecast to deliver initial revenues of approximately Euro20 million (Euro9 million net to NPN) based on an assumed gas price of Euro0.20 per Nm³. The existing design facility is capable of considerably higher daily production rates. The decision on an increase to production rates will be made once flow rates have stabilised and once several months of production experience has been gained.
NOP holders will also be interested in todays announcement by Tullow that TOTAL has farmed into french Guyane, so the new ownership %s will be:
Tullow 29.5%
Shell 33%
Total 25%
NOP 2.5%
So the big boys are obviously excited by it!
db
