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Northern Petroleum announces significant cost reduction programme


Published Apr 1, 2015
Northern Petroleum-4

Northern Petroleum provides the following corporate update.

Highlights

Canada •Current production capacity from existing wells of 500 barrels of oil per day ('bopd') •Operating cost efficiencies being realised to increase economic production to this level in 2015 •Technical review ongoing to understand Keg River reef connectivity and remaining oil distribution

Italy •Work programme on Cascina Alberto to start following completion of farm out to Shell •Work has started on a joint technical study with Schlumberger and GEPlan offshore in the Sicily Channel •Southern Adriatic environmental impact assessment authorisation process progressing with final approval pending

Corporate activity and board change •Stewart Gibson stepping down as Non-executive Director •Significant reduction in general and administrative corporate overhead •Planned office move next month

Tags: Northern Petroleum




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