Northern Petroleum Signs Strategic Seismic Collaboration Pact

28th Jun 2010 07:54

LONDON (Dow Jones)--Northern Petroleum PLC (NOP.LN), an independent oil and gas exploration, development and production company, said Monday it has signed a strategic agreement with PGS Ventures AS, a division of Petroleum Geo Services ASA (PGS.OS) to collaborate on design of geophysical programs across Northern's assets. MAIN FACTS: -Agreement will allow the two companies to co-operate on offshore seismic survey design and acquisition parameters across Northern's portfolio. -Where possible, and as appropriate, Northern will seek to leverage on PGS' proprietary technology such as the "GeoStreamer" seismic acquisition system. -In addition, Northern will also gain access to view PGS's significant multi-client seismic database, including offshore Italy and The Netherlands. -Northern Petroleum shares closed Friday at 108 pence valuing the company at GBP86.4 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires June 28, 2010 02:54 ET (06:54 GMT)