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Northern Petroleum

  • BY: Andrew Hore |
  • POSTED: 07/08/2014 |

Northern Petroleum produced an average of 165 barrels of oil per day in Canada during July.

The production is from two wells and a third well will be brought back into production next month. This well should produce 50 barrels of oil per day. Northern has to pay a pipeline tariff of $90/barrel. A further three wells will be drilled by the end of October 2014.

The three wells will cost $6m. There is $22m in the bank and UK Oil & Gas Investments is paying the $2.5m owed for the purchase of Northern’s UK oil and gas assets in cash.

At 21.13p a share, Northern is valued at £20.1m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2014_59.pdf

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