AFX UK (Focus): Northern Petroleum unit to develop 3 more wells in Netherlands: “…NP Netherlands BV, is to exercise its exploration rights over three oil and gas wells in the Netherlands under an agreement it has with Nederlandse Aardolie Maatschappij BV (NAM). NAM is a company jointly owned by Royal Dutch Shell and ExxonMobil Corp.”: Thursday Dec 29, 2005

LONDON (AFX) - Northern Petroleum PLC said its wholly-owned Netherlands subsidiary, NP Netherlands BV, is to exercise its exploration rights over three oil and gas wells in the Netherlands under an agreement it has with Nederlandse Aardolie Maatschappij BV (NAM).

NAM is a company jointly owned by Royal Dutch Shell and ExxonMobil Corp.

This brings to five the number of discoveries that NPN has committed to under the agreement following the earlier exercise of options over the Geesbrug and Ottoland discoveries in August.

Under the agreement, NPN will also farm-in to an onshore exploration part-area, in the Andel II licence, and has agreed a two-month extension to its option with NAM on the Schagen prospect during which time NPN will complete its due diligence.

NPN estimates the volumes of the identified oil and gas prospects within the Andel II part area to be between 55-130 bln cubic feet of gas and 62-148 mln barrels of oil.

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