Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/northern-petroleum-announces-significant-cost-redu.shtmlNorthern Petroleum announces significant cost reduction programme
Northern Petroleum provides the following corporate update. Current production capacity from existing wells of 500 barrels of oil per day ('bopd')
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Northern Petroleum provides the following corporate update.
Highlights
Canada •Current production capacity from existing wells of 500 barrels of oil per day ('bopd') •Operating cost efficiencies being realised to increase economic production to this level in 2015 •Technical review ongoing to understand Keg River reef connectivity and remaining oil distribution
Italy •Work programme on Cascina Alberto to start following completion of farm out to Shell •Work has started on a joint technical study with Schlumberger and GEPlan offshore in the Sicily Channel •Southern Adriatic environmental impact assessment authorisation process progressing with final approval pending
Corporate activity and board change •Stewart Gibson stepping down as Non-executive Director •Significant reduction in general and administrative corporate overhead •Planned office move next month
