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Northern Petroleum says seismic work begins on Tullow Oil-operated Guyane Maritime licence
Western Europe focused oil and gas company Northern Petroleum (AIM: NOP) announced the commencement of seismic operations on the Guyane Maritime licence offshore French Guiana, where existing seismic and well data indicated the presence of prospects potentially containing significant hydrocarbon volumes.
The 3D seismic programme, which is slated for completion before the end of the current year, will acquire data across an area covering 2,500 square kilometres.
Northern Petroleum holds an interest in the project through its 50% owned Northpet Investments Limited, which has a 2.5% stake in the Tullow Oil (LSE: TLW)-operated Guyane Maritime licence. The company said investment in French Guyane was consistent with its strategy to focus on countries with low geopolitical risk.
“Through its holding in Northpet, Northern has a modest financial exposure to an exploration play that offers significant exploration potential analogous to the recent discoveries made by Tullow offshore Ghana. Tullow's recent success and experience in these plays will make a significant contribution to mitigate the exploration risks,” said managing director Derek Musgrove
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