Northern Petroleum will spud the first of three new wells this week. All wells to be drilled and completed by the end of October.
Production in July averaged 165 barrels of oil per day (b/d) from two wells, 13-33 and 16-19
16-19 deliberately choked back to ensure the flaring of associated gas is below the regulatory limit prior to well tie-in, planned for the winter
Third well, 14-22, expected to be brought back on production at a restricted 50 b/d next month following gas tie-in work
Sales price achieved after pipeline tariff of approximately US$90 per barrel
Unaudited cash balance as at 30 June 2014 was US$22.0 million
US$2.5 million from the sale of the UK assets to be satisfied entirely in cash