We reiterate our Speculative Buy recommendation on Northern Petroleum with a target price reduced from £0.30 per share to £0.15 per share to reflect the dilutive nature of the £1.2 mm new equity issue. Northern is acquiring 1.2 mmboe 2P reserves in the Rainbow area in Northwest Canada with 200 boe/d production. The Company is funded to double production by next year. Overall production from the Company’s Canadian assets could support 2.5 mboe/d by 2019 through the deve

17 Nov 2015
Acquisition in Canada to Grow Production and Reduce Costs

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Acquisition in Canada to Grow Production and Reduce Costs
We reiterate our Speculative Buy recommendation on Northern Petroleum with a target price reduced from £0.30 per share to £0.15 per share to reflect the dilutive nature of the £1.2 mm new equity issue. Northern is acquiring 1.2 mmboe 2P reserves in the Rainbow area in Northwest Canada with 200 boe/d production. The Company is funded to double production by next year. Overall production from the Company’s Canadian assets could support 2.5 mboe/d by 2019 through the deve