Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Award of Italian permits

24th Jul 2014 07:00

RNS Number : 1696N
Northern Petroleum PLC
24 July 2014
 



 

Northern Petroleum Plc

("Northern Petroleum" or "the Company")

Award of Italian permits

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 S.p.A ("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."

 

-Ends-

 

For further information please contact:

Northern Petroleum Plc Tel: +44 (0)20 7469 2900

Keith Bush, Chief Executive Officer

Nick Morgan, Finance Director

Graham Heard, Exploration & Technical Director

 

Westhouse Securities (Nomad and Broker) Tel: +44 (0)20 7601 6100

Alastair Stratton

Antonio Bossi

 

Camarco Tel: +44 (0)20 3757 4980

Billy Clegg

Georgia Mann

 

 

In Accordance with AIM Rules - Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and signed off by the Exploration and Technical Director of Northern Petroleum, Mr Graham Heard CGeol. FGS, who has 40 years' experience as a petroleum geologist. He has compiled, read and approved the technical disclosure in this regulatory announcement. The technical disclosure in this announcement complies with the SPE/WPC standard.

 

Note to Editors:

Northern Petroleum is an oil and gas company focused on production led growth. The Company is undertaking a redevelopment and production project in north west Alberta and has a broader portfolio of exploration and appraisal opportunities in countries of relatively low political risk, primarily Italy. Comprehensive information on Northern Petroleum and its oil and gas operations, including press releases, annual reports and interim reports are available from Northern Petroleum's website: www.northernpetroleum.com

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCQKNDPOBKDPOB

Related Shares:

Cabot Energy
FTSE 100 Latest
Value8,275.66
Change0.00