Northern hoping to drill for oil offshore Italy

Offshore staff

LONDONNorthern Petroleum (AIM: NOP) says its Cygnus prospect offshore southern Italy could hold up to 790 MMbbl of recoverable oil within the F.R39.NP permit.

Cygnus is adjacent to and updip of Eni’s producing Aquila oil field. The resource estimate, based on the common oil/water contact between the two structures, follows analysis by ERC Equipoise (ERCE).

Northern adds that its mapping of available 2D seismic data has not found a separation or barrier from the producing Aquila oil wells.

ERCE was commissioned following the publication of previously undisclosed well data relating to the Aquila field in an environmental submission by operator Eni. The Aquila wells are in the production concession adjacent to Northern’s permit.

The prospect trap for Cygnus is predominantly stratigraphic, with the same reservoir as the Aquila field, comprising Cretaceous re-sedimented carbonates derived from the Apulian platform.

Northern plans to acquire new 3D seismic over Cygnus, the similar nearby Cebus prospect and the Rovesti oil discovery off the Italian east coast, following receipt of environmental approvals. The company has started collating data for submission of an environmental impact assessment for regulatory approval for drilling and testing a well on Cygnus. It is seeking partners for both the well and the seismic surveys.

3/19/2013

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