Northern Petroleum [NOP] could at long last be about to come good. From early brushes with investment in Russia, where its fingers were burnt, NOP has concentrated on western Europe, apart from a 1.25 % interest in a potentially large off shore "elephant" prospect in the Guyane EEL licence where Tullow is the operator
[see http://www.northpet.com/operations/guyane/index.html],
NOP currently holds licences in the UK, Holland and Italy and is a small producer. Its current share price of some 80p is well underpinned by its cash holding which was £31 Million at the Interim point in September 2008. This concentration in western Europe countries has meant that much time has been taken to obtain approvals to drill, and to develop any prospects. Hopefully this is about to change!!!
In Holland, having waited many months for permissions, they are currently preparing five wells for production [news dated 12--3-09]
In Italy they have commenced drilling their Savio Gas Prospect in the Po Basin in the north [news dated 13-03-09] . NOP have also completed seismic survey work on six of their West Sicily off-shore licences and are currently working a seismic survey on their licence off Pantelleria Island in the Sicily channel. [news dated 18-03-09] This seismic work is being carried out under the farm out agreement NOP has with Shell Italia E&P S.p.A [news dated 22-01-09]
Lastly NOP has at last received planning permission to start drilling in the UK near Havant [news dated 12-03-09]
I've interested in NOP since 2002 and held shares till last summer when I sold my last having enjoyed my first [and so far only!!] ten - bagger!The shares were at one time around 55p, down 50% from the level at which I sold my last. They have now re-traced on recent corporate activity to over 80p, to where I'm seriously considering buying back in.
This company is worth serious research in my opinion. I would welcome other people's comments"
PG
