Oil & Gas Journal
1 March 2007
Italy awards Northern Petroleum three licenses
...Northern Petroleum said its expanded acreage, spanning 4,370 sq km, holds significant petroleum potential. Its previous licenses hold many prospects that individually could contain reserves of 1 billion bbl of oil, according to its seismic survey. Northern Petroleum's subsidiary, Northern Petroleum UK (NPUK) will operate the new licenses and will work on a 50-50 basis with Oil PLC...
www.ogi.com
oilbarrel.com
16 February 2007
...In Italy, Northern [Petroleum] holds and is operator of, on its own account and through its stake in PlusMarkets quoted ATI , 24 oil and gas licences both offshore and onshore covering an area of 11,000 sq kms. The company believes there could be fields of between 50 and 100 million barrels of oil on some of these licences. Northern has been drilling a 1,500 km seismic survey over its licences to the west of Sicily, where the hope is to delineate prospects and find partners to share the costs and risks of drilling...
www.oilbarrel.com
t1ps.com
28 November 2006
Northern Petroleum* - Sicily project update
This morning's seismic survey details from the offshore Sicily prospects certainly
enhances the potential value of the projects. A seismic program has now been
completed, spreading across a 1500km 2D area across the offshore Sicily blocks
(C.R146.NP, C.R147.NP, G.R17.NP, G.R18.NP and G.R19.NP) operated by
Northern Petroleum* (NOP) . This program fulfils all seismic commitments on these
permits. The completion of the survey ahead of schedule is obviously very pleasing,
and I expect it will come in under budget to boot.
Musgrove and his cronies have said that the early results look very promising, and
crucially appear to confirm the predicted potential of these licences. The data will now
be used to demonstrate the prospectivity of these permits at various UK and
international industry prospect fairs in the next three months, with a view to farming
out at an early date and with intent to drill in 2007 and 2008. Northern has a 50%
stake in these blocks with the other 50% owned by ATI, the Ofex listed company in
which Northern has a 38% stake. At 108.5p the stance, at up to 142p, remains "buy".
* ATI is a corporate client of GE&CR which is owned by t1ps.com Ltd.
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