Northern Petroleum (UK) awarded Italian permits

Northern Petroleum (UK) has received the preliminary award of two offshore Italian permits, d63F.R-.NP and d64F.R-.NP.

Offshore staff

LONDON -- Northern Petroleum (UK) has received the preliminary award of two offshore Italian permits, d63F.R-.NP and d64F.R-.NP, covering a total of 1,470 sq km (568 sq mi). Northern is currently preparing an environmental impact study for the awarded area.

The awards are adjacent to offshore preliminary award d59F.R-.NP, which is close to the Luna, Hera Lacinia, Linda, and Lavinia gas fields. The applications cover the offshore extension of the Crotone and Rossano basins, where previous operators acquired high quality 3D seismic data.

Northern holds a 100% interest in the licenses, but a subsidiary of ATI Oil, in which Northern holds a 37.04% equity interest, has a 50% pari passu commercial interest in the licenses (giving a current net beneficial interest to Northern of 68.52%). ATI is currently the subject of an offer by Northern Petroleum.

05/12/2009

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