Northern Petroleum Awarded Italian permits

By The Maritime Executive 07-25-2014 07:51:00

Northern Petroleum, the AIM quoted oil company, announces that it has been awarded two permits in Italy. One permit, Cascina Alberto, is onshore in the Po Valley and the other, C.R149.NP, is offshore in the Sicily Channel adjacent to the Northern Petroleum operated permit C.R146.NP.

The Cascina Alberto permit area was formally held in the late 1990s by Eni as permit Fiume Sesia and was the subject of a farm in by Enterprise Oil for the Gattinara prospect in 2000. The prospect was interpreted as having similarities in structure to the Villafortuna-Trecate oil field, which is located 25 km to the southeast. The Company will re-evaluate the potential of the Gattinara prospect and will seek a partner to join in the exploration of the permit to progress the prospect for drilling.

The permit C.R149.NP was applied for in order to encompass an extension of the Vesta prospect, mapped within the Company's adjacent C.R146.NP permit. The Company has evaluated the Vesta prospect to have a larger structure than the Vega oil field, which lies on trend to the northeast. The Company will now seek a partner to join in the drilling of the Vesta prospect.

Keith Bush, Chief Executive Officer, commented:

"The award of these permits demonstrates that the administration in Italy is now actively progressing with approvals that have been outstanding for some years. The Company now looks forward to making progress with other outstanding applications and approvals, especially those in the Southern Adriatic, which we believe hold the greatest potential for the Company in Italy."

The products and services herein described in this press release are not endorsed by The Maritime Executive.