LONDON (Thomson Financial) - Northern Petroleum Plc. said it has sold its
Waalwijk underground gas storage projects (UGS) to Star Energy Group Plc., a
subsidiary of Petronas International Corporation Ltd., for up to 10 million
pounds.
The AIM-listed company said it will receive an initial consideration of £7
million upon completion and further payments of £2 million and £1 million will
be made upon the final investment decisions being taken on UGS projects in the
northern and southern parts of the Waalwijk licence, respectively.
Northern Petroleum said its oil and gas interests in the Waalwijk licence
area will be unaffected by the sale.
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