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Northern Petroleum Plc

AGM

June 29 th 2012

Slide 1


Activities During The Period Since Last AGM

In parallel with the mid-2011 downward reserve adjustment an evaluation

of production data to date and reprocessing and remapping of 3D

seismic over all areas in The Netherlands.

A summary so far is:

- Installation of fluid lifting assistance at Wijk en Aalburg

successful.

- Installation of booster compression at Waalwijk successful.

- Project for two new wells on existing pads at Geesbrug initiated.

- Ottoland production test completed and in review.

- Analysis of other fields in progress.

- Some positive signs of reduction in pressure decline at Brakel

and Grolloo.

Slide 2


Activities During The Period Since Last AGM

€3.2 million sale of Northern’s share of the Vinkega gas discovery and

identification of the on-trend Diever West prospect on the adjacent

Drenthe III licence.

Southwest Netherlands shale oil project upgraded by consultants.

Permissions gained in Italy for drilling La Tosca gas prospect and 2D

seismic programme, now completed, in the highly prospective southern

Adriatic Sea.

Zaedyus oil discovery in the offshore of the French Department of

Guyane, seen as a possible new oil province.

Confirmation and production testing of the Markwells Wood oil

discovery, suspended and now being assessed for further actions.

Shell decision not to fund drilling of a well west of Sicily. Discussions

with possible new partner.

Slide 3


Corporate Overview

2010

Production (boe): 0.44

Gross Revenue:

€15.0 m

Production Costs:

€ 4.9 m

Net Administration costs:

€ 4.6 m

Profit from Operations

€ 1.5 m

Profit € (1.2 m)

Cash in hand at year end

€21.4 m

2011

0.58

€24.5 m +

€ 5.3 m +

€ 3.7 m -

€11.0 m +

€ 6.2 m +

€29.8 m +

Slide 4


Reserves

Slide 5


Risk Management

‣ Geographical and geological risks are reduced by the diversity by country

and basin.

‣ Risk is further reduced by mainly investing in basins with proven economic

hydrocarbon production.

‣ All activities are governed by the ratio of the risk of success and failure, and

the ratio of expected reward to cost of the initial investment. These risks are

managed by keeping a low project entry cost relative to the cash on hand

and existing production revenues.

‣ Deploy very high standards of technical and management expertise

and integrity are recognised as essential.

‣ Commitment to the highest standards of environmental and safety practice.

Slide 6


The Northern Petroleum Business Model

Slide 7


Northern’s Activities

‣Interest in 2 producing oil

fields

‣Tested oil discovery

‣Further oil discoveries

and exploration prospects

‣6 producing gas fields

‣2 oil fields awaiting development

‣2 currently planned exploration wells

‣Shale oil potential

‣4 core areas offshore

‣Proven hydrocarbon systems

‣La Tosca-1 onshore well

planned for 2012

‣2011 discovery of

potential new oil province

‣1.25% interest in the

offshore licence operated

by Shell. Tullow Oil and

Total are partners.

‣3-4 well appraisal and

exploration programme

2012/13

Slide 8


Northern Petroleum

‣ Licences and Applications that are Material

‣ Low cost Operator in Proven Petroleum Provinces

‣ Focussed on adding value to Shareholders by a Clear Business Model

‣ No Indebtedness

‣ Exemplary Environmental and Safety Performance

Slide 9


Northern Petroleum

Slide 10


The AGM resolutions

Slide 11


Resolution 1 - Ordinary

“To receive the report of the Directors and the audited accounts for

the year ended 31 December 2011.”

Northern Petroleum Plc – AGM Resolutions Slide 12


Resolution 2 - Ordinary

“To re-appoint KPMG Audit Plc as auditors and to authorise the

Directors to fix their remuneration.”

Northern Petroleum Plc – AGM Resolutions Slide 13


Resolution 3 - Ordinary

“To re-elect G L Heard (who retires from office in accordance with

Article 108 of the Company's Articles) as a Director of the

Company.”

Northern Petroleum Plc – AGM Resolutions Slide 14


Resolution 4 - Ordinary

“To elect Dr R W Gaisford (who retires from office in accordance

with Article 113 of the Company's Articles) as a Director of the

Company.”

Northern Petroleum Plc – AGM Resolutions Slide 15


Resolution 5 - Ordinary

“To elect M L Eaton (who retires from office in accordance with

Article 113 of the Company's Articles) as a Director of the

Company.”

Northern Petroleum Plc – AGM Resolutions Slide 16


Resolution 6 - Ordinary

“To authorise the Directors, pursuant to and in accordance with section 551 of

the Companies Act 2006 (the “Act”) to exercise all powers of the Company to

allot ordinary shares in the capital of the Company and grant rights to

subscribe for or convert any security into ordinary shares up to a maximum

aggregate nominal value of £1,192,075 (being approximately 25% of the

Company’s issued share capital as at the date of this notice), provided that

such authority shall expire at the conclusion of the next Annual General

Meeting of the Company, except that the Directors may, before such expiry,

make offers or agreements which would or might require ordinary shares to

be allotted or rights to be granted after such expiry and allot ordinary shares

or grant rights in pursuance of such offers or agreements.”

Northern Petroleum Plc – AGM Resolutions Slide 17


Resolution 7 - Special

“To authorise the Directors, pursuant to and in accordance with section 570

and 573 of the Act, to allot equity securities (as defined in section 560 of the

Act) for cash as if sub-section 561 of the Act did not apply to the allotment

of equity securities pursuant to the authority conferred on them under

section 551 of the Act up to the aggregate nominal value of £476,830 (being

approximately 10% of the Company’s issued share capital as at the date of

this notice), such power to expire on the earlier of the conclusion of the next

Annual General Meeting of the Company and 15 months after the date of the

resolution (but so as to enable the Company, before the expiry of such

power, to make offers or agreements which would or might require equity

securities to be allotted after such expiry and to enable them to allot equity

securities for cash pursuant to such offers or agreements as if the power

conferred thereby had not expired).”

Northern Petroleum Plc – AGM Resolutions Slide 18


Resolution 8 - Special

“To authorise the Company, generally and unconditionally, to make market

purchases (within the meaning of section 693(4) of the Act) pursuant to and

in accordance with section 701 of the Act of fully paid ordinary shares in the

capital of the Company upon and subject to the following conditions but

otherwise unconditionally:

• maximum of 4,768,300 shares;

• maximum price of 105% of the average of the middle market quotations for

an ordinary share for the five business days immediately preceding the day

on which such ordinary share is contracted to be purchased;

• minimum price shall be the nominal value of such ordinary share; and

• authority to expire earlier of i) next AGM or ii) 15 months.”

Northern Petroleum Plc – AGM Resolutions Slide 19


The AGM is now closed

Slide 20


Post AGM presentation

Slide 21


The Netherlands

Slide 22


The Netherlands

‣6 producing gas fields

‣2 oil fields to be developed

‣2 development wells to be drilled

‣2 exploration wells to be drilled

‣Shale oil potential

Slide 23


West Netherlands Basin - Shale Oil Potential

20-30 billion of barrels of oil in place

Rock characteristics compare very

favourably with US analogues

Eagle Ford

Utica Shale

Report Concludes:

Good TOC

Good porosity

Good permeability

Slide 24


The Netherlands – Seismic Reprocessing

Drenthe III Licence & Oosterwolde

Oosterwolde licence

Seismic reprocessing project

merging seven 3D surveys

commenced in April 2011 with

completion due September 2012

Geesbrug fast track delivered

November 2011

Edited input area = 1250 sqkms

Drenthe III licence

PrSDM output area = 1060 sqkms

Slide 25


Geesbrug field – two development wells planned

Base Zechstein Depth Map

Tiendeveen-1

Geesbrug-3 well trajectory

Geesbrug-1

Geesbrug field outline

Geesbrug-2 well trajectory

Slide 26


Geesbrug-2 development well trajectory

Well designed as a

long reach 1,000

metre inclined

trajectory for

planned multi-stage

frac

Slide 27


Drenthe III Production Licence

Prospect inventory pre seismic reprocessing

R8

R7

R5

Eesveen North

Eesveen

R1

0

Diever West

Diever East Boterveen West

R6

Eesveen East

Eesveen SE

R9

R4

R2 North

R3

R2

R1

Boterveen

Lhee West

Lhee South

Gas field

Upthrown prospect

Downthrown prospect

Lheebroek

Lhee North

Lhee

NW

NE

26 prospects mapped

SW

0 5

kms

Base Zechstein Depth Structure

SE

Geesbrug

Slide 28


Diever West prospect (30 Bcf potential) and relationship to

Vinkega gas field

VKG- 1

A

Vinkega

R7

Diever West

B

A

Vinkega R7 Diever West

B

Slide 29


The Netherlands – 3D and 2D Seismic Reprocessing

Papekop, Andel V, Utrecht and Engelen

Seismic reprocessing project

merging five 3D surveys plus

reprocessing 960 km 2D

seismic commenced in April

2011 with completion due July

2012

Papekop fast track delivered

July 2011

Slide 30


The Netherlands – 2D to 3D seismic - uplift in data quality

2D seismic section

Slide 31


The Netherlands – 2D to 3D seismic - uplift in data quality

3D seismic section

Slide 32


1 km

Papekop 3D – original processing in time

TWO-WAY TIME (second)

1 km

Slide 33


DEPTH (metre)

1 km

Papekop 3D – fast track pre-stack depth migration processing

Slide 34


DEPTH (metre)

1 km

Papekop 3D – fast track pre-stack depth migration processing

TOP

RESERVOIR

Slide 35


Vlist structure – planned well on 47 bcf target

B

A

B

A

• Southern extension of HST-2B tight gas discovery

• Min. closure equivalent to gas water contact in HST-2B

• Max closure to ~2300 m ss matches spill point from

Ottoland and into Willeskop fault block

Slide 36


United Kingdom

Slide 37


United Kingdom

‣ Interest in 2 producing

oil fields

‣ Tested oil discovery

‣ Further exploration

Slide 38


UK Operations

Markwells Wood – Wellsite and access track

Slide 39


Weald Basin

1987 2D seismic – 1987 original processing N

S

STORRINGTON OILFIELD

N

Slide 40


Weald Basin

1987 2D seismic - 2008 reprocessing giving improved resolution

S

STORRINGTON OILFIELD

N

Slide 41


P1916 & PEDL 240 – Isle of Wight

Prospect – Sherwood sandstone target (reservoir at Wytch farm)

Prospect target


B

A

B

A

Sherwood sandstone depth map

Sherwood target

Northern Petroleum (GB) Ltd, PEDL 240: TCM & OCM, 9th December 2011

Slide 42


Italy

Slide 43


Italy

‣4 core areas offshore

‣Proven hydrocarbon systems

‣La Tosca-1 onshore well

planned for July/August 2012

Slide 44


Longastrino permit – La Tosca prospect

Slide 45


Longastrino permit– Schematic Geological Cross Section

Projected Longastrino permit

• Series of thrust anticlinal trends with backthrusts, truncations & onlaps

• Alfonsine gas field (300 Bcf) only 2 Km to the south

• Ravenna gas field (185 Bcf) 5 Km to the south-east

• Plio-Pleistocene proven targets, Miocene probable targets

Slide 46


La Tosca wellsite

Rig contract in place and well spud planned for late July/August

Orca Exploration to earn up to 75% by funding drilling and testing

Slide 47


ITALY – Offshore Core Areas

Large Reserve Potential

1. West of Sicily

Thrust Belt

4

2. Sicily Channel

3. Biogenic and

Thermogenic

gas offshore

Sicily and in the

Taranto Gulf

4. Southern

Adriatic

1

3

2

Slide 48


ITALY – Offshore Core Areas

Large Reserve Potential

1. West of Sicily

Thrust Belt

4

2. Sicily Channel

3. Biogenic and

Thermogenic

gas offshore

Sicily and in the

Taranto Gulf

4. Southern

Adriatic

1

3

2

Slide 49


Southern Adriatic – Fields and Prospects

53.16 million barrels of Probable Reserves

in Rovesti and Giove discoveries

Real potential in the exploration upside

estimated at 8.5 billion barrels of oil in

place and 10 TCF of gas in place

Slide 50


2011 2D Seismic Acquisition campaign brief summary

• Completed within timeframe (6 days)

• Adherence to all Ministry (including environmental)

prescriptions

• No issues with fishing / shipping etc

• Full QHSE compliance – 3 vessels - no incidents or

accidents

• Within budget

• Achieved objectives – infill dataset and permit work

commitment

Slide 51


2011 2D seismic acquisition

Area of operation / manoeuvre / constraints

• 1 nautical mile safety

exclusion zone for

Aquila FPSO Betatank II

• Eni Concession

(green outline)

•12 nautical miles from

coast protected area

•Italy–Albania border

Slide 52


Rovesti – structural mapping incorporating 2011 2D seismic

S

A

A’

N

11.725 km 2

Areal extent

based upon ODT

A’

Oil presence in

Rovesti from

2370m TVDSS

10km

A

Spill points =

2562m TVDSS,

Oil Down To

(ODT) = 2562m

from log data

Slide 53


Rovesti – 1994 2D seismic - reprocessed from paper copy

S

N

5km

Slide 54


Rovesti – improved resolution 2011 2D seismic

S

N

Re-sedimented

carbonate wedge

or basin floor

turbidites?

5km

Slide 55


Mercurio prospect– 1994 2D seismic reprocessed from paper copy

SW

A

NE

A’

Mercurio

A’

5km

A

Slide 56


Mercurio prospect – 2011 improved resolution 2D seismic

SW

A

NE

A’

Mercurio

A’

5km

A

Slide 57


Cygnus Prospect

SW

Medusa discovery

Cygnus prospect – located

down dip of platform margin –

“toe of slope” location.

Seismic character change

beneath “Top Carbonate” and

possible lateral extension

basinwards

NE

A

A’

Top Pliocene

A’

Top Messinian

Top Carbonate

Cygnus

Top Jurassic/ dolomites?

Top Triassic?

A

Cygnus Prospect structural setting analogous to Brae fields, Viking Graben

Slide 58


Cygnus prospect – improved resolution 2011 2D seismic

S

N

A

A’

Top Messinian

Top Carbonate

Top Jurassic/ dolomites?

A’

Top Triassic?

Cygnus prospect – located down dip

of platform margin – “toe of slope”

location. Seismic expression at top

Carbonate level, with amplitude

brightening directly above.

A

Slide 59


Permit areas for 3D seismic acquisition planned for 2012

Survey 1

Survey 2

392km 2 468km2

•Two 3D surveys planned

for 2012

• New environmental

impact assessment

submitted early 2012

•Potential availability of

vessel in October 2012

•Subject to receiving

timely authorizations

from the Italian Ministry

Total = 860km 2

Slide 60


Guyane

Slide 61


Offshore Guyane - Zaedyus Oil Discovery

Opens up new oil province – Rapid follow-up in 2012

Northpet Investments Limited has 2.5% interest*, Tullow Oil 27.5%, Shell 45%, Total 25%

The first ever deep water well was also the first significant

discovery in the region. There is proven upside potential in two

formations.

The second phase of exploration and appraisal will start in July

2012 with the drilling of a Zaedyus delineation well, followed by

an exploration well on a prospect defined by the existing 3D

seismic survey.

Additional 3D seismic surveys are planned to commence July

2012.

*Northern owns a 50% equity interest in Northpet Investments Limited

Slide 62


Future near term plans

Northern Petroleum continues to identify and appraise new projects in conjunction with

progressing on its trading activities

‣ Field operations to optimise production rates in the Netherlands

‣ Analysis of long term test of Ottoland to progress development options

‣ New production wells at Geesbrug gas field in Netherlands

‣ Two exploration wells planned in the Netherlands

‣ Papekop oil field development options being progressed

‣ West Netherlands Basin shale oil potential, partner being sought

‣ Acquire two 3-D seismic surveys in Southern Adriatic Q4 2012

‣ Drilling of La Tosca prospect in the Longastrino permit, spud July/August 2012

‣ Post oil production test analysis at Markwells Wood

‣ Appraisal/development well at Baxters Copse

‣ Appraisal and exploration wells plus more 3D seismic offshore Guyane

Slide 64


End of Post AGM Presentation

Slide 65

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