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Interim Statement 2009

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AIM Rule 26

Condensed Interim Results for the Six Months Ended 30 June 2009

Financial Highlights:

	Six months ended 30 June 2009 EUR ’000 (Unaudited)	Six months ended 30 June 2008 EUR ’000 (Unaudited)

Revenue	2,801	2,856
(Loss) / profit before tax	(531)	1,680
(Loss) / profit for the period	(73)	1,474

Basic (loss) / earnings per share on (loss) / profit for the period	(0.1) cents	2.1 cents
Diluted (loss) / earnings per share on (loss) / profit for the period	(0.1) cents	1.9 cents

Cash and cash equivalents	27,942	31,401
Other working capital	12,275	9,117
Net assets	75,602	56,400
Total distributable reserves	32,950	23,337

Production (million boe)	0.061	0.065

Average
Gas	€42.63	€40.66
Oil	$48.07	$103.94

Net Commercial Oil & Gas Reserve Quantities
– Proven and Probable reserves (million boe)	102.99	76.48

Highlights:

Strong balance sheet – cash and working capital of €41.2 million;
Completion of ATI Oil Plc (ATI) acquisition;
35% increase in Proven & Probable reserves to 103 million barrels of oil equivalence;
Strong share price performance; and
Northern entered the FTSE AIM UK 50 Index;

Operations:

Hydraulic reservoir fracturing programme success. Wells flow tested at rates greatly in excess of previous predictions;
Grolloo and Geesbrug fields are scheduled for production before year end;
Tiendeveen well, close to the Geesbrug gas field, currently drilling. (67 to 98 bcf gas prospect, Northern 22.5%);
Offshore Sicily 2D seismic surveys completed over seven licences, six in partnership with Shell Italia E&P S.p.A.; and
Preliminary award of five new Italian offshore licences. Licensed area now totals over 15,000km².

Outlook:

Grolloo, Geesbrug, Brakel and Wijk en Aalburg gas fields all scheduled for production by early 2010, with the Ottoland and Papekop oil fields to follow;
2013 production forecast of 6,000 barrels of oil equivalent per day net to Northern; and
Strong exploration and appraisal drilling programmes in The Netherlands, Italy, UK and Guyane.

Commenting on the results, Richard Latham, Chairman said:

“I believe that I can justly ask you to join me in looking to our Company’s future with optimism. In a year which started with recession Northern benefited from a strong financial position to continue unchecked towards placing its Netherlands fields on production. The fracturing programme has been a remarkable success. The ATI financing issues have been eliminated and the great potential of the position in Italy is demonstratively emerging. I am confident that our thrust belt venture with Shell Italia will continue further. We now report 2P reserves of 103 million barrels of oil equivalence whilst continuing to maintain a very strong financial position. The achievement of significant levels of production is imminent and the oil price seems to be settling at a satisfactory level as are the European gas prices.

I foresee us entering 2010 as a much stronger company, forecasting significant cash from production. In a world in which political and economic uncertainties may be predicted, we are very well positioned for growth with security.”

In accordance with the AIM Rules – Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and signed off by the Exploration and Technical Director of Northern Petroleum Plc, Mr Graham Heard CGeol FGS, who has over 35 years experience as a petroleum geologist.

Download the Interim Results (PDF)

Previous Annual Reports and Interim Statements can be found in the archive.


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