Northern Petroleum completes well test
AIM-listed Northern Petroleum has completed an extended well test of the Ottoland oil discovery in The Netherlands.
AIM-listed Northern Petroleum has completed an extended well test of the Ottoland oil discovery in The Netherlands.
The well was drilled in 2007 and hydraulically fractured in 2009. Permission was received to conduct the test using a jet pump device to assist the flow of oil.
The firm hopes its analysis of the test results will provide a determination of predictable oil and gas production rates. Production facilities can then be designed to meet the potential for both oil and associated gas.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Work will also be undertaken on an oil marketing plan, with production set to be achieved in 2012 or 2013.
Derek Musgrove, Managing Director of Northern, said: "The long wait for permissions to conduct this test as we desired has been rewarded. Following the anticipated confirmation of commerciality, we look forward to bringing the field on stream as soon as possible to augment our existing production in The Netherlands."
Despite the good news, the share price fell 2.78% to 78.75p by 09:46.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
‘Inheritance tax insurance’ enquiries are soaring – but is it worth it?
Premiums for whole of life insurance can run to £5,000 a month to cover a £300,000 inheritance tax bill, with policies costing more the older you take them out.
-
MPs warn over Lifetime ISAs which could leave savers out of pocket
The Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”