The Longastrino license is situated in the eastern region of the Po Basin, in an area of major producing gas fields and adjacent to the Agosto gas field where gas was discovered in 2002 and a development concession has now been applied for.
In addition to this, further developments have occurred in the region. Northern's Savio licence in the Po Basin has now been decreed to the Company following an accepted environmental impact study and, at Cerasa, the regional authority has advised the Company that it has waived its requirement for an environmental impact study prior to the final decree.
The Company has built a substantial presence in Italy with four permits (awarded or pre–awarded) in the Po Basin and three offshore permits (two off Sicily and one in the Tiber Delta) with a further four under application. Northern holds a 100 per cent interest in each license (save a 33.34 per cent interest in the Tiber Delta license) as well as holding Operator status.
Managing Director, Derek Musgrove, commented,
"These recent developments in relation to our Italian prospects are excellent news for the Company. The Company has now established a serious position in Italy."
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