News blog
Northern Petroleum
- BY: Andrew Hore |
- POSTED: 10/02/2015 |
Shares in Northern Petroleum fell by nearly one-quarter after disappointing drilling news in Canada.
It was hoped that the 102/11-30 well would provide further good news after the 102/15-23 well flowed over 1,300b/d last October.
At 7.25p a share, Northern is valued at £6.91m. There was $22m in the bank at the end of June 2014 and a further £1.5m was raised from the sale of UK assets. However, much of this cash has been invested in the drilling in Canada and there was $12m at the end of 2014. More cash will need to be spent.
AIM Journal January 2015 available.
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