Northern expands Italy acreage

Northern Petroleum has confirmed the award of three new offshore licenses adjacent to its permits off southern Italy. This follows acceptance by the Italian authorities of the company's recent environmental impact studies.

Offshore staff

LONDON, UK --Northern Petroleum has confirmed the award of three new offshore licenses adjacent to its permits off southern Italy. This follows acceptance by the Italian authorities of the company's recent environmental impact studies.

The licenses are the re-designated G.R20.NP (ex-d23GR.-NP), G.R21.NP (ex-d22GR.-NP), and G.R22.NP (ex-d24GR.-NP). All are next to Northern's existing three licenses in the Apennine-Maghreb thrust belt in the waters west of Sicily and adjoining the Tunisian median line. Across the border, Anadarko, PetroCanada, and Shell hold interests in the equivalent structural setting.

Northern believes its enlarged offshore acreage, now extending over 4,370 sq km (1,687 sq mi), has strong oil-bearing potential. The company's seismic survey over its existing licences, acquired last November, revealed potential for several billion bbl prospects. Northern and co-licenses ATI Oil are looking for farm-in partners.

03/04/2007

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