Northern cut prompts a re-think

Miserable news from oil and gas developer Northern Petroleum prompted a 34 per cent fall in its share price and persuaded us to take its shares off our buy recommendation. The drop came as the the company cut estimates for both its reserves and its 2011 production at three of the five gas fields it operates in Holland. Production from the three fields - Geesbrug, Grolloo and Wijk en Aalburg - has also been hit by operational difficulties.

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