Northern Finishes Seismic Survey Offshore Southern Adriatic

Northern announced that on November 29, 2011 it completed a 600km 2D seismic survey in offshore Southern Adriatic covering two licenses - F.R39.NP & F.R40.NP. Seismic acquisition commenced on November 23, 2011 using the vessel M/V Princess contracted from CGGVeritas S.A and was completed within the prescribed six-day period.

The seismic acquisition is part of the work program being funded by Northern. The aim of the program is to obtain more complete and better quality data to upgrade definition of the encouraging prospects identified from older seismic surveys. A further 3D seismic is planned in 2012. The wait is for necessary approvals from all the relevant authorities.

The 2D survey was acquired without any incidents or accidents and with the minimum of disturbance to the local fishing industry, which was highly cooperative at all times. In its operations Northern adhered to all Italian environmental requirements.

As announced on March 25, 2011, Northern signed an agreement with Azimuth, a specialist global E&P involving Italian permits F.R39.NP and F.R40.NP which contain the Rovesti and Giove oil discoveries and ten mapped prospects. The objective of the agreement is to work with Azimuth to define and delineate suitable appraisal and exploration drilling targets. Azimuth will become a 15% interest partner in both permits by funding a promoted share of future work programs prior to the drilling phase.