Northern Petroleum Awarded Two Permits in Italy

Junior explorer Northern Petroleum reported Thursday that it has been awarded two permits in Italy.

The first permit, Cascina Alberto, is located in the onshore Po Valley region of the country. The other, C.R149.NP, is offshore in the Sicily Channel and adjacent to the Northern Petroleum-operated permit C.R146.NP.

Northern said that the Cascina Alberto permit's Gattinara prospect was previously interpreted as having similarities in structure to the Villafortuna-Trecate oilfield, which is located some 16 miles to the southeast. The company plans to re-evaluate the potential of Gattinara and will seek a partner to join in the exploration of the permit to progress the prospect for drilling.

Permit C.R149.NP was applied for in order to encompass an extension of the Vesta prospect – mapped within the adjacent C.R146.NP permit. Northern said that is has evaluated the Vesta prospect to have a large structure than the Vega oilfield, which lies on trend to the northeast. The company added that it is also seeking a partner to join in with the drilling of this prospect.

Northern CEO Keith Bush commented in a company statement:

"The award of these permits demonstrates that the administration in Italy is now actively progressing with approvals that have been outstanding for some years. The company now looks forward to making progress with other outstanding applications and approvals, especially those in the Southern Adriatic, which we believe hold the greatest potential for the company in Italy."

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