Northern Petroleum Plc (AIM:NOP) announces that GM-ES-5, the final well of the 2012 -2013 four well exploration programme in the Guyane Maritime Permit (offshore French Guiana) has been drilled to a total depth of 6,460 metres and the well will now be plugged and abandoned. Reservoir evaluation work has been conducted and the reservoir sequences were encountered as expected but with no evidence of hydrocarbons.
The Joint Venture will now integrate the data from all five wells with the 3D seismic to determine future exploration plans on this licence, which covers 24,100 square kilometres. Once the drill ship, the Stena ICEMax, has completed the abandonment operations it will move to a location outside French Guiana and be off contract from the Joint Venture.
Northern currently owns an effective 1.3 per cent equity interest in the Guyane Maritime Permit through its 52% holding in Northpet Investments Limited (“Northpet”), a joint venture with Wessex Exploration PLC. Northpet holds a 2.5 per cent equity interest in the Guyane Maritime Permit with partners Shell, (Operator) holding 45 per cent, Tullow Oil holding 27.5 per cent and Total holding 25 per cent.
