Northern Petroleum
www.northpet.com
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.
Northern Petroleum starts drilling on gas prospect in Italy’s Po Valley
Northern Petroleum PLC said its unit Northern Petroleum (UK) Ltd has commenced drilling operations in Italy on the Savio 1x site in Emilia-Romagna, a prolific gas producing area of the Po Basin.
The Savio 1x well is Northern's first well drilled in Italy as operator. It is expected that after passing through the outer edge of the secondary objective, which has a mean potential entrapment of 110 billion cubic feet of gas at about 3,200 metres, the primary reservoir target with estimated mean gas in place of 222 bcf will be encountered at about 3,500 metres.
As announced in October 2008, Northern has reduced its business risks through a farmout agreement with Avobone Italy Srl, a member of the Indofin Group, which will see Avobone paying 40 percent of the well costs. Northern’s interest in the licence will be 80 percent, and Avebone will have 20 percent.
Managing Director Derek Musgrove said: “The odds of success have been assessed as reasonable, but nevertheless it is an exploration well. The structure is of significantly higher than average potential for the region.
"Any discovery will benefit from the availability of an extensive infrastructure of gas pipelines and gas fired power stations throughout a region which has one of Europe's highest GDPs."
The Savio 1x well is Northern's first well drilled in Italy as operator. It is expected that after passing through the outer edge of the secondary objective, which has a mean potential entrapment of 110 billion cubic feet of gas at about 3,200 metres, the primary reservoir target with estimated mean gas in place of 222 bcf will be encountered at about 3,500 metres.
As announced in October 2008, Northern has reduced its business risks through a farmout agreement with Avobone Italy Srl, a member of the Indofin Group, which will see Avobone paying 40 percent of the well costs. Northern’s interest in the licence will be 80 percent, and Avebone will have 20 percent.
Managing Director Derek Musgrove said: “The odds of success have been assessed as reasonable, but nevertheless it is an exploration well. The structure is of significantly higher than average potential for the region.
"Any discovery will benefit from the availability of an extensive infrastructure of gas pipelines and gas fired power stations throughout a region which has one of Europe's highest GDPs."
