Northern Petroleum Announces Preliminary Award Of Two New Offshore Permits In Italy

Published: 31-Jul-2009

By: Staff Writer Staff Writer Staff Writer

Northern Petroleum Plc (Northern Petroleum) has announced the preliminary award of two new Italian offshore permits. The d25G.R-.NP and d26G.R-.NP permits cover a total of 897 square kilometers (km²), expanding the company's position in the Apennine-Maghreb Thrust Belt.

The interests are held through its wholly owned subsidiary, Northern Petroleum (UK) Limited (NPUK).

The awards are adjacent to the six permits offshore Sicily held jointly with Shell Italia E&P S.p.A (Shell) and also to another Northern Petroleum preliminary award d21G.R-.NP.

"The preliminary awards are part of the oil producing Apennine-Maghrebian thrust belt extending under Italian waters west of Sicily. The geological elements there offer significant oil and gas potential in this already recognised province, similar to the large Val d'Agri fields in Southern Italy.' commented Derek Musgrove, managing director of Northern Petroleum.

"The 'Thrust Belt' is one of four core areas offshore Italy that contain some of the greatest medium and long term growth potential for the Company. We have already mapped several prospects of a billion barrels plus. These applications were a follow up to the results from reprocessing and mapping of our 2006 seismic survey. We, together with Shell, have subsequently moved forward on the six licences with the recording of a further 2D seismic survey in 2009."

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