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.
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
-
Mortgage market reforms: how the FCA's new affordability rules could help you onto the property ladderThe Financial Conduct Authority (FCA) will consult on a range of changes to mortgage lending rules in 2026 to help underserved borrowers
-
Quality emerging market companies with consistent returnsOpinion Mark Hammonds, portfolio manager at Guinness Global Investors, selects three emerging market stocks where he'd put his money
