Contract Update
11 Março 2003 - 9:29AM
UK Regulatory
RNS Number:5709I
Northern Petroleum PLC
11 March 2003
For immediate release: 11 March 2003
Northern Petroleum Plc
("Northern")
Extension of Option to Purchase Gas Production
Northern Petroleum Plc announces that on March 10th 2003, it agreed an extension
to the option announced on 30th September 2002 to purchase 5% of Olympic Peru
Inc ("OPI"). The loan to the grantor, of US$75,000, at 12% p.a. interest has
also been extended for the same period.
This 34-day extension, from February 25th 2003, has been concluded to provide an
opportunity for Northern to negotiate with other owners of OPI and its
associated companies to ascertain the possibilities of acquiring a larger
interest in the currently producing block XIII in the northern coastal area of
Peru.
OPI have estimated 330 Bcf of proven recoverable gas reserves with sales
currently averaging 4.5 million cubic feet per day with a projected expansion
later this year to 9.2 million cubic feet per day.
Derek Musgrove, Northern's Managing Director commented,
"A larger interest in Olympic Peru would allow us to have a greater input to
both the technical and management interests of the project which would be in
line with our corporate strategy. I believe it is an exciting opportunity for
Northern Petroleum and I look forward to reporting the outcome of these
negotiations shortly."
-Ends-
For further information please contact:
Derek Musgrove
Managing Director Northern Petroleum Plc Tel. +44 (0)20 7743 6080
Chris Roberts Hansard Communications Tel. +44 (0)20 7245 1100
This information is provided by RNS
The company news service from the London Stock Exchange
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