www.northpet.com
Northern Petroleum Plc is an oil and gas exploration, development and production company focused on the European Union and nearby areas. The Company is an operator of both onshore and offshore projects including a producing oilfield and boasts a management and technical team of the highest quality.
Edison Investment Research notes that it is 'business as usual' at Northern Petroleum’s Italian ops
Edison Investment Research highlighted that Northern Petroleum (LON:NOP) will continue its operations in Italy with “business as usual”. Last week, the Italian Minister of Environment proposed a ban on drilling in Italian seas within five miles of the coastline, and 12 miles around protected marine parks.
“The company stated that the ruling will have no effect on reported reserves in Italy or on the exploration prospectivity of the Southern Adriatic prospects, and will have a minor impact on the West of Sicily Thrust Belt and Sicily Channel”, Edison stated. “In the Ionian Sea, most of the area of two preliminary awards would be affected, although this is not considered to be a core area for the company”.
The research specialist also noted Northern Petroleum’s recent change of strategy, to focus on the Netherlands and Italy. This new strategy will be funded by the sale of the company’s UK assets, a £10m placing and a Netherlands production based loan facility ring-fenced to the country.
“The company will carry out a large offshore seismic survey in Italy in order to de-risk the licences with a view to increasing their attractiveness to a potential farm-in partner”, Edison stated.



















