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.
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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.
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