24th Jul 2014 11:07
LONDON (Alliance News) - Northern Petroleum PLC said Thursday that it has been awarded two permits in Italy.
The AIM-listed oil company said 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.
Northern Petroleum said it 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 C.R149.NP permit was applied for in order to encompass an extension of the Vesta prospect, mapped within the company's adjacent C.R146.NP permit, it said. Northern Petroleum has evaluated the Vesta prospect to have a larger structure than the Vega oil field, which lies on trend to the northeast and will now seek a partner to join in the drilling of the Vesta prospect.
Shares in the AIM-listed company were trading 0.49% lower at 22.763 pence per share Thursday.
By Alice Attwood; [email protected]; @AliceAtAlliance
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