The license application, in which Northern Petroleum has a 100% interest, will run for four years and was submitted in March 2009 in competition to the prior application of a third party. Engelen is adjacent to Northern Petroleum’s Utrecht license which contains two undeveloped discoveries of immediate interest with a total gas in place 242 bcf (P50) and exploration prospects which will be evaluated in conjunction with the Engelen license.
Upon future conversion to a production license Northern Petroleum’s 100% interest is by law subject to the election by Energie Beheer Nederland B.V. (EBN) to acquire a 40% paying participating interest.
Derek Musgrove, managing director of Northern Petroleum, stated: “This award is pleasing. It was processed within seven months, it was gained in a competitive process and it contains a mapped structure near to a gas discovery in the main play fairway. It is our 9th license in The Netherlands bringing the gross total area in which Northern Petroleum holds a license interest to 3497 square kilometers.”
