Northern Petroleum wins new permit offshore Italy

Northern Petroleum has been awarded the C.R149.NP permit offshore in the Sicily Channel adjacent to the Northern Petroleum operated permit C.R146.NP.

Keith Bush, Chief Executive Officer

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.”

July 24, 2014

 

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