Northern ups stake in joint venture

Aim-listed oil and gas explorer Northern Petroleum yesterday said Wessex Exploration, its joint venture partner in an offshore French Guiana project, has decided not to invest further cash into the programme until its contribution has reduced by up to £1.5m. Northern Petroleum will fund the shortfall and increase its stake in the venture to 56 per cent as a result, with Wessex’s interest falling to 44 per cent.