26 Feb 2007 07:00
Embargoed for release: 0700 on 26 February 2007
Northern Petroleum Plc ("Northern" or "the Company") Final Decree of Three Offshore Italian licences
Northern Petroleum Plc, the oil and gas production, development and exploration company with core interests under its management in The Netherlands, Italy and the United Kingdom, is pleased to announce that the Italian authorities have issued the final decree of a further three offshore Italian licences to its wholly owned subsidiary, Northern Petroleum (UK) Limited ("NPUK"). This follows the required environmental impact studies submitted by NPUK being accepted by the Italian authorities.
The licences decreed are the re-designated G.R20.NP (formerly d23GR.-NP), G.R21.NP (formerly d22GR.-NP) and G.R22.NP (formerly d24GR.-NP), all of which are located offshore adjacent to Northern's existing G.R17.NP, G.R18.NP and G.R19.NP licences. NPUK is the Operator of the three licences in which a subsidiary of PLUS quoted ATI Oil Plc ("ATI") also has a 50% interest.
The additional licences are also located in the Apennine-Maghreb thrust belt offshore in Italian waters west of Sicily and adjacent to the Tunisian boundary. Anadarko, Petro-Canada and Shell hold interests in the equivalent structural setting across the border in Tunisia. The enlarged area, now comprising 4,370 km‚², is believed to have the requisite factors to be a significant petroleum province as has been established within a thrust belt setting elsewhere in Italy.
Chris Foss, Finance Director at Northern, commented:
"The decree of these three licences that are adjacent to our existing west of Sicily acreage enables us to progress our exploration efforts over an expanded area. The interpretation of the results of our seismic survey completed in November 2006 on the three existing thrust belt licences shows the potential for many prospects that individually could contain reserves of a billion barrels of oil.
"Northern and ATI will be further presenting the now expanded licensed areas to potential farmin partners next month on completion of the processing and mapping of the seismic data acquired last year. The timing of these decrees is opportune."
For further information please contact:
Northern Petroleum Plc Tel: +44 (0) 20 7743 6080
Chris Foss, Finance Director
Graham Heard, Exploration Manager
Investec Tel: +44 (0) 20 7597 5000
Michael Ansell
Panmure Gordon & Co Tel: +44 (0) 20 7459 3600
Katherine Roe
Bishopsgate Communications Limited Tel: +44 (0) 20 7562 3350
Nick Rome / Maxine Barnes
Notes to Editors:
Northern Petroleum Plc is an oil and gas production, development and exploration company with core interests under its management in The Netherlands, Italy and the United Kingdom and other interests in Guyane and Spain. The Company has proven and probable reserves of 60.5 million barrels of oil equivalent and is currently working towards putting its six Netherlands development assets into production with the support of Standard Bank. Further information on Northern is available at www.northpet.com.
NORTHERN PETROLEUM PLC