Shell to gain operatorship of six exploratory permits offshore Italy

Source: Northern Petroleum

Northern Petroleum (AIM:NOP) has applied to the Italian authorities for the transfer to Shell (NYSE:RDS-A) (NYSE:RDS-B) the role of Rappresentante Unico (Operator) for six permits offshore west of Sicily; G.R17.NP, G.R18.NP, G.R19.NP, G.R20.NP, G.R21.NP and G.R22.NP -- located in the thrust and fold belt to the west of Sicily

The transfer would enable Shell to progress work required to apply for drilling approvals in advance of the final decision as to whether an exploration well is to be drilled in the permits. The joint venture is currently finalizing the subsurface evaluation.

Northern has acted as Operator of the permits during the 2D and 3D seismic phases of the exploration program, the costs of which were met by Shell.

Under the terms of the farm-in agreement Shell holds 55% in G.R17.NP, G.R18.NP, G.R19.NP and 70% in G.R20.NP, G.R21.NP and G.R22.NP, with NPUK holding the remaining equity interest in the permits.

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