The gas fields represent a significant portion of the Italian gas reserves discovered to date. The applications cover the offshore extension of the Crotone and Rossano basins, where previous operators acquired high quality 3D seismic data.
Northern Petroleum holds a 100% interest in the licenses, but a subsidiary of ATI Oil Plc (ATI), in which Northern Petroleum holds a 37.04% equity interest, has a 50% pari passu commercial interest in the licenses (giving a current net beneficial interest to Northern Petroleum of 68.52%). ATI is currently the subject of an offer by Northern Petroleum that was announced on April 3, 2009.
Graham Heard, exploration and technical director, commented: “We are delighted to have received these two awards, which are adjacent to the highly prospective d59F.R-.NP preliminary award, so quickly following our applications of last October.”
