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Exploration minnow Northern Petroleum (NOP:AIM) has given the market a favourable update on its progress, with total production up 6.61% and a further increase in booked reserves, the fifth successive increase in as many years.

The company is focused on the Netherlands and Italy, and has around £20 million in the bank to develop its proved and probable reserves, which have increased by more than a quarter to 76 million barrels of oil equivalent in 2007 despite the sale of some of its Dutch assets. Describing 2007 as a very successful year, finance director Chris Foss says: ‘We stand well positioned to achieve further success in 2008 and beyond.’

by: Tom Sieber