Northern's Italian focus is in identifying areas that offer high reward potential within proven hydrocarbon basins both onshore and offshore Italy. To date Northern has built an acreage portfolio in the Southern Adriatic comprising two permits, on which the undeveloped Rovesti and Giove fields are located, and a further five applications permit. Since award of the permits Northern has acquired proprietary seismic data from which a number of exploration prospects have been mapped. The most significant of these is Cygnus which lies updip of the Aquila field in the neighbouring licence area. The applications are located adjacent to the two permits and collectively provide Northern with contiguous acreage covering some 4,700km2.
Northern is currently engaged in farm out discussions with companies that have expressed interest in the acreage with a view to the acquisition of 3D seismic and a commitment to drill.
The Southern Adriatic acreage is core to Northern's business in Italy.
Northern Petroleum (AIM:NOP) has published the 2015 Annual Report and Accounts, along with the notice of the Company's Annual General Meeting, which will be held at 10:30 am on 25 May 2016 at the offices of KPMG LLP, 15 Canada Square, London, E14 5GL
Northern Petroleum (AIM:NOP) confirms that the acquisition of the Canadian production and reserves assets (the "Rainbow Assets") announced on 12 November 2015 has now completed. The company provides the following corporate update.
Northern Petroleum, the AIM quoted oil company focusing on production led growth, provides the following update on operations and announces its unaudited interim results for the six months ended 30 June 2015.