News blog

Northern Petroleum

• BY: Andrew Hore |
• POSTED: 03/04/2014 |

Drilling in the north west Alberta interests of Northern Petroleum has produced positive results. 

All three wells produced economically recoverable light oil and they are being production tested. The results of the 20 day production tests will be published as soon as practicable.

Northern says that it has discovered the first oil pool in the area for five years. Redevelopment plans are being amended for the latest drilling results. There will be further drilling in the second half of 2014. The Canadian interest were acquired for C$2.8m in fees and initial rental payments.

These Canadian interests provide Northern with potential medium-term cash flow

At 24.38p a share, up 2.13p, Northern is valued at £23.3m.

The 2013 figures will be published later this month.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFMarch2014_54.pdf