Northern Petroleum UK has succeeded in putting all pre-drilling approvals in place, signed a drilling rig contract and commenced site
The Savio-1X well will be Northern's first well drilled in Italy under company management. It is located in the Regione of Emilia-Romagna in the main onshore area of the Po Basin biogenic gas play. The prognosis is that the well will reach the primary target at 3200 meters sub-surface with estimated mean gas in place of 222 bcf. On the drill path to the primary target it is anticipated to pass through a secondary in sub-optimum position which has been estimated to have the mean potential of entrapment of 110 bcf of gas. This is a combined mean un-risked Prospective resource of 332 bcf. as previously announced.
Northern's mapping has had the benefit of access to a seismic survey tie into the Stratic Energy/Eni recently discovered gas field at Longanesi.
As announced on October 24, 2008, for the onshore Savio license Northern has reduced its business risks and call upon cash balances through a farm-out agreement with Avobone Italy S.r.l, a member of the Indofin Group. Avobone will be paying 40% of the well costs. Following completion of that agreement the license interests will be:
(ATI Oil Plc has a commercial interest equal to half that of Northern).
Derek Musgrove, Managing Director, Northern Petroleum Plc. stated, "We are increasing our activity level in Italy. This is a milestone in
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