Northern Petroleum gets Italian licenses

Northern Petroleum PLC is reviewing potential for redevelopment of two suspended fields in Italy in a package of onshore licenses it is acquiring from Rockhopper Exploration PLC. Both companies are based in London.

The only existing production covered by the acquisition is from Civita natural gas field, which Rockhopper commissioned late in 2015. The field produced 130 boe/d of gas last year.

Northern Petroleum will acquire 100% of the Aglavizza production license, which encompasses Civita field and associated processing facilities and pipeline and a local operations base.

The company said it will assess redevelopment potential of Cupoloni field in the Scanzano license, in which it is acquiring a 100% interest, and further subsurface potential of Vigna Nocelli field in the Torrente Celone license, 50%.

It also will acquire interests of 60% in the Monte Verdese license, 85% in the San Basile license, and 100% in the Civita exploration permit.

Northern Petroleum assumes abandonment liabilities associated with the assets, estimated at $3.36 million over 10 years, and will receive a payment from Rockhopper of $1.6 million. Rockhopper retains the benefit of an expected Italian value-added-tax refund of $1.12 million.

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