Commencement Of Offshore Sicily Seismic 3D Survey
Northern has commenced 3D seismic operations in the West Sicily thrust belt that will cover four licences - G.R17.NP, G.R20.NP, G.R21.NP and G.R22.NP. A total of up to 1520 km² of 3D seismic data will be acquired in these licences with the survey expected to last approximately two months.
The seismic acquisition is part of the work programme being funded by Shell Italia E&P S.p.A. (Shell) as part of the farm-in arrangement announced in December 2008. The aim of the survey is to obtain a better quality, and more complete, definition of the encouraging structures identified by the two previous 2D seismic campaigns, and firm up prospects for drilling.
The seismic acquisition has been contracted to Petroleum Geo-Services Asia Pacific-Pte Limited and the 3D data is being acquired using the vessel ‘M/V Atlantic Explorer’ utilising GeoStreamer technology to enhance resolution. Under the terms of the farm-out agreement Shell holds 55% in G.R17.NP, and 70% in G.R20.NP, G.R21.NP and G.R22.NP.
“The West Sicily Thrust Belt is part of the major thrust system incorporating large oil fields in the Southern Apennines and continues into Tunisia, Algeria and Morocco. Northern considers it prospective for both oil and gas. This survey will be processed and interpretation undertaken to enable prospects to be defined for a drilling decision later this year.” commented Derek Musgrove, Managing Director, Northern Petroleum Plc.
In accordance with the AIM Rules – Guidance for Mining and Oil & Gas Companies, the information contained in this announcement has been reviewed and signed off by the Exploration and Technical Director of Northern Petroleum Plc, Mr. Graham Heard CGeol FGS, who has over 35 years experience as a petroleum geologist.
For further information please contact:
Northern Petroleum Plc
Tel: +44 (0) 20 7469 2900/61
Derek Musgrove, Managing Director
Chris Foss, Finance Director
Graham Heard, Exploration & Technical Director
Sophie Hull, Head of Corporate Communications
Brokers to the Company
Jefferies International
Tel: +44 (0) 20 7029 8000
Chris Snoxall / Schuyler Evans
Astaire Securities
Tel: +44 (0) 20 7448 4400
Jerry Keen / Toby Gibbs
Reserves Summary
At 30 Jun 2011
- Oil Million bbl: 70.80
- Gas bcf: 103.77
- Petroleum Million boe: 88.69