Junior Companies Focused on Italy Report Progress

Junior companies focused in Italy are reporting progress, both on a geological and political ground. Italian authorities authorised UK-based Northern Petroleum to acquire 3D seismic data across the Giove undeveloped oil discovery (off the coasts of Abruzzo region) and the Cygnus exploration prospect in the southern Adriatic. EIAs for two exploration permit applications, contiguous to the two existing permits in the southern Adriatic, have been approved too.

“The company has been working with the appropriate authorities in Italy to progress its permits and applications, and has refrained from discussing the opportunities until tangible progress has been made. This has now happened, both with the approval of these EIAs and also the recent farm out of the Cascina Alberto permit to Shell. The Italian portfolio continues to be a core area for Northern and the possibility of value being realised over the short and medium term from these assets has significantly improved” Keith Bush, Chief Executive Officer, commented on Wednesday.  

The company’s share, after a plunge in January and February, are recovering in the last weeks. 

Two days before, on Monday, Sound Oil reported developments in Northern Italy.

‘As announced on 20 May 2015 the Company identified gas shows in multiple intervals in the Upper Miocene San Dona Formation.  The Company has now successfully perforated and completed seven intervals in the lower section of the reservoir where the most significant gas shows were identified’ Sound Oil wrote on Monday.  

Earlier this year, the company confirmed various gas bearing levels in its Nervesa licence in North-East Italy.