Hereward Ventures plc in gas licence deal with Northern Petroleum

Hereward Ventures plc has said it signed a farm-in agreement with Northern Petroleum (GB) Ltd, a wholly owned unit of Northern Petroleum plc, to buy 10% of the onshore oil and gas exploration licence that covers parts of Hampshire and the Isle of Wight.

Under the agreement, Hereward pays 30% of all costs incurred by Northern for the completion of an earn-in well. In addition, it will pay £45,000 (€67,579 ) to Northern as a contribution to past expenses which have been incurred in well log analysis, seismic interpretation and the mapping of prospects.