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Northern Petroleum announces interim results for six months ended 30 June 2014
First two wells of current three well programme in Canada drilled to target depth with liner cemented across reservoir sections.
Successful proof of redevelopment concept in the Virgo field, Alberta, leading to the start up of Canadian production.
Total oil production for the first six months of the year of 13,629 barrels generating revenue of $1.1 million (2013: $0.4 million).
Northern Petroleum provides the following update on drilling in Canada and announces its unaudited interim results for the six months ended 30 June 2014.
■ First two wells of current three well programme in Canada drilled to target depth with liner cemented across reservoir sections
■ Drilling rig will now move to third well and spud towards the end of the month
■ Service rig expected on site at the first well shortly to perforate and test
■ All three wells will be perforated and tested in succession by the service rig
■ Production test results expected for all three wells in the second half of October
■ Successful proof of redevelopment concept in the Virgo field, Alberta, leading to the start up of Canadian production
■ Increase of mineral lease acreage for the Keg River formation in north west Alberta from 9,300 to over 30,000 acres
■ Virgo field redevelopment programme initiated with two new wells and a well re-entry
■ All three wells brought into production by May
■ Follow up three well campaign started in August
■ Two new permits awarded in Italy; one onshore in eastern Piedmont and one adjacent to an existing permit in the Sicily channel
■ Political changes are providing an improved business environment in Italy giving more confidence that the Group will be able to make progress with the southern Adriatic permits within 2014
■ Sale of UK assets to UK Oil & Gas Investments PLC announced in July
■ Total oil production for the first six months of the year of 13,629 barrels generating revenue of $1.1 million (2013: $0.4 million)
■ Cash of $22.0m as at 30 June 2014 (31 December 2013: $35.8m) - the reduction mainly reflecting investment in Canada
■ Following the development in Alberta and subsequent to sale of The Netherlands, the Group's functional and reporting currency has been changed to US dollars
■ Board strengthened with the appointment of Iain Lanaghan as Non-executive Director and Audit Committee chair
■ Graham Heard, Exploration and Technical Director, to retire at the end of the year and Paul Lafferty appointed to the senior management team as Chief Operating Officer
Keith Bush, Chief Executive Officer, commented:
"The Company has made considerable progress over the first half of the year during which the strategy of production led growth has been actively pursued. The three wells currently being drilled in Alberta will add to the production potential of the field and give us further confidence in our Keg River redevelopment play."