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Northern Petroleum completes partial Canadian divestment

Tue, 20th Dec 2016 09:05

(ShareCast News) - Northern Petroleum announced on Tuesday that, further to its announcement of 30 November, the divestment of 25% of its assets in Canada to High Power Petroleum has now completed.The AIM-traded company added that the remaining disposals in Italy and Australia, as set out in the circular sent to shareholders on 30 November, are subject to local regulatory approval and should complete in the new year.Following the admission to trading of 124,047,017 new ordinary shares on 19 December, the firm's board said the first tranche subscription had also now completed.The open offer, as described in the circular, remained open for acceptances until 1100 GMT on 9 January.As the board stated in the announcement on 1 December and in the circular, the size of the second tranche subscription is contingent on the size of the open offer.The company said the terms of the subscription agreement with H2P include the right to appoint a non-executive director to the company, and accordingly Campbell Airlie has now been appointed to that role."We are very pleased to have Campbell join us on the board," said Northern Petroleum chairman Jon Murphy."He has extensive experience and will bring a wealth of industry expertise, with a particular focus on petroleum engineering and production optimisation."We believe his skill set will complement the board well and we look forward to working with him on what will be an exciting programme for Northern Petroleum in 2017."
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27 May 2011 12:54

Broker tips: Aveva, Electrocomponents, Northern Petroleum

Singer Capital Markets has upgraded its rating on engineering software firm Aveva Group after a strong end to the year and a confident outlook for the current year. The group's full-year results were ahead in terms of revenue performance but were in line on an adjusted pre-tax profit and earnings p

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27 May 2011 12:52

Broker snap: Northern Petroleum placed 'under review'

Matrix has placed its rating on Northern Petroleum 'under review' after a disappointing update in which the oil and gas firm slashed reserve estimates at three of its five gas fields in the Netherlands. The broker notes that reserves in the group's key Geesbrug field have been cut by almost 50% fro

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27 May 2011 12:36

Northern Petroleum heads south on reserves cut

AIM listed Northern Petroleum has slashed reserve estimates at three of its five gas fields in the Netherlands and issued a profits warning. Following changes to reserve estimates for its Geesbrug, Grolloo and Wijk en Aalburg field, the company now expects to report a loss after tax for the year e

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21 Dec 2010 14:53

Northern starts gas production at Wijk en Aalburg

Gas production has commenced at Wijk en Aalburg in the Netherlands, where AIM-quoted Northern Petroleum has an ongoing 45% interest. An agreement with its partner Nederlandse Aardolie Maatschappij (NAM) means that Northern receive 100% pay-back of its development costs on a project plus an uplift o

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14 Dec 2010 13:34

Small caps: EDP, Interbulk, RWS...

Electronic Data Processing's pre-tax profit for the year to September was £584,000 up from £456,000 last year. Adjusted operating profit was £704,000 (2009: £707,000) which gives an operating margin of 12.6% (2009: 12%).Turnover was £5.58m compared with £5.84m last year. Trading conditions have

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8 Dec 2010 08:40

Northern Petroleum farms out Italian interest

Northern Petroleum has agreed to farm out an interest in the Longastrino permit in the eastern part of the Po Valley Basin, onshore Italy. The deal, Northern's third farm-out in Italy, will see Canada's Orca Exploration pay 100% of the costs of the first well up to €4.3m and 70% thereafter to c

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29 Sep 2010 08:21

Northern Petroleum switches to profit

Aim listed oil and gas exploration group Northern Petroleum moved into profit for the half year after its Brakel oil field in the Netherlands came on stream. The group posted pre-tax profit of €2.3m during the six months ended 30 June 2010 from a pre-tax loss of €531,000 the year earlier. Revenue f

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2 Jul 2010 16:57

London close: Stocks cling on to gains

Leading shares went into a swoon in the final two hours of the trading session, taking their lead from the US which, after spending a while to analyse the non-farm payrolls data, moved lower. Despite coming off the top in late afternoon Footsie finished the day in positive territory, largely due t

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2 Jul 2010 16:00

UK SMALLCAP ROUNDUP: Regal Petroleum Gets Ukraine Injunction

Dow Jones smallcap news is now on Twitter, allowing you to catch up on the news away from your desk. Go to http://twitter.com/DJ_UK_Smallcaps REGAL PETROLEUM PLC (RPT.LN), an oil and gas explorer, Friday got approval to continue drilling and production in the Ukraine after an order halting its

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2 Jul 2010 14:16

London afternoon: Shares recover from US jobs jolt

The release of US jobs data checked Footsie's rise, prompting a 25 point fall in a matter of minutes, but the blue-chip index has since resumed its cautious climb. US jobs data for June came in worse than expected overall, but it was a mixed message with the unemployment rate falling to a 12-month

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2 Jul 2010 12:30

UK SMALLCAP ROUNDUP: Ceres Power's Boiler Trials Delayed Again

Dow Jones smallcap news is now on Twitter, allowing you to catch up on the news away from your desk. Go to http://twitter.com/DJ_UK_Smallcaps CERES POWER HOLDINGS PLC (CWR.LN), a fuel cell company, Friday announced another delay to the trial of its combined heat-and-power boilers in people's ho

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2 Jul 2010 12:22

London midday: Stocks steady ahead of US jobless

Footsie ended the morning on or around its high for the day but trading is quiet ahead of the release this afternoon of the US non-farm payrolls data. Resource stocks continue to lead the way while banks claw back some of their recent losses as fears over European banks' balance sheets recedes. Da

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2 Jul 2010 11:42

Northern 'not badly affected' by Italy's oil exclusion zone

Northern Petroleum is one of the lucky ones as plans by the Italian government to set up a five-mile no-drill zone around its coastline do not affect the AIM-listed explorer. Proposals put forward by Environment Minister Stefania Prestigiacomo look like they “do not affect Northern's reported reser

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2 Jul 2010 10:07

UPDATE: Mediterranean Oil & Gas, Petroceltic Face Drill Ban

(Adds detail on Petroceltic and Northern Petroleum, analyst comment.) By Jason Douglas Of DOW JONES NEWSWIRES LONDON (Dow Jones)--U.K. oil and gas company Mediterranean Oil & Gas PLC (MOG.LN) and Irish peer Petroceltic International PLC (EG5.DB) were Friday considering where to drill new

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2 Jul 2010 09:30

UK SMALLCAP ROUNDUP: Chloride Recommends Emerson's GBP997M Offer

Dow Jones smallcap news is now on Twitter, allowing you to catch up on the news away from your desk. Go to http://twitter.com/DJ_UK_Smallcaps CHLORIDE GROUP PLC (CHLD.LN), a maker of secure power systems, recommended shareholders accept a GBP997 million takeover offer from U.S. power and industr

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