Northern Petroleum PLC (NOP.LN) Tuesday said recoverable oil at its
Rovesti and Giove discoveries in the Southern Adriatic Sea, Italy, will
be classified as 2C contingent resource rather than 2P reserves, based
on the interim findings of a review.
MAIN FACTS:
-Total net 2C resources attributed to the Adriatic Discoveries
by ERCE is 30.2 million barrels, with 25.8 million barrels attributed
to the Giove discovery and 4.4 million barrels to the Rovesti discovery
-Northern historically booked 53.2 million barrels of 2P reserves to the Adriatic Discoveries, based on 2007 report
-Says the reclassification will allow new management to progress a credible appraisal and development program
-Full report from the review begun in November by ERC Equipoise Ltd to be delivered in the new year
-Northern also says the Italian Environmental Minister
requested further information from the Environment Ministry technical
committee in relation to the proposed 3D seismic surveys over the
Southern Adriatic permits
-Northern understands that this request has been made of all outstanding seismic applications in the region
-Shares closed Monday at 34 pence valuing the company at GBP32 million.