Northern Petroleum secures Netherlands state involvement in Andel III licence
04 December 2008
Oil and gas company Northern Petroleum has agreed a deal with EBN, the Netherlands state-backed energy group, which will see a 40% participation by EBN in the Andel III production licence.
The involvement by EBN will be on the basis of being a fully paying partner in all respects from notification, and payment of applicable back costs, including its pro rata share of the costs of Ottoland 1z well drilled during the second quarter of 2007.
Northern now holds a 45% interest in Andel III, with Dyas B.V. holding the remaining 15%. The revised interests are in full alignment with existing joint ventures at Papekop, Drenthe III and Drenthe IV.
The Andel III licence contains the Brakel, Ottoland and Wijk en Aalburg fields that Northern secured under the terms of its 2005 agreements with NAM. It also contains the Nieuwendijk exploration prospect, targeting 56 million barrels of oil in place, which is planned to drill in the first quarter of 2009.
Northern said the well service programme had started ahead of schedule in late October and operations had been successfully completed at both Wijk en Aalburg and Brakel. The workover rig is currently at the Grolloo location.
Elsewhere, Northern said it was abandoning its undrawn debt facility with Standard Bank announced in March 2006, because it was no longer practical or essential. It said it had a strong cash position and was debt free.
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