Independent explorer Northern Petroleum has revealed well data from Italy’s ENI has given it extra confidence in its southern Adriatic Sea Cygnus prospect.
Richard Latham, chairman of Northern Petroleum, said the newly available well data from ENI’s producing Aquila oil field had shown its Cygnus prospect could be a continuation of the Aquila field, potentially giving it a combined resource of recoverable oil close to a billion barrels—80% within Northern’s permit.
“The Cygnus prospect, within the group’s adjacent permit, has been shown to be an up-dip continuation of this (the Aquila) field, following the interpretation of seismic data, combined with this new well information,” said Latham.
He said the information had boosted farm-out efforts and came at a time when the Italian government had recently designated oil and gas as an important part of the country’s economic future.
More broadly, Northern said it is focusing on increasing production to meet strategic forecasts. To do this it will be selling some assets to ‘focus on new opportunities to achieve faster production growth’.
This will see it look to sell all or part of its interests in the Netherlands.
The funds will be used to grow in north west Alberta, Canada. Between January and March 2013, 11 Canadian Crown leases were acquired covering 9,300 acres, at a direct cost of CAD$711,000 or approximately €0.5 million, says Northern.
A proving program of three to five well interventions will take place this summer to establish details for a more extensive program in the winter season of 2013–2014, the company added.
Offshore French Guiana, a four well exploration program alongside Shell, Total, Tullow and Wessex to follow up the 2011 Zaedyus oil discovery is continuing apace, said Northern.
“The province is very exciting and continues to have high potential,” says Latham. “This was an undrilled exploration play and for a discovery to have been made by the first wildcat well is exceptional. The drillship remains on the licence to drill the next two wells. The exploration teams from all of the partner companies are building a unique understanding of the oil system and are working hard to refine the current program, which may extend beyond the end of 2013.”
With its experience on Zaedyus and the addition of staff with experience from comparable exploration projects in West Africa, the firm said it was now also identifying similar exploration opportunities in unlicensed areas in suitable countries where low cost entry could be made.
Three opportunities had been identified, said Latham, and one application already been made and another due shortly pending examination of further data.
Latham also said the firm had gained experience in shale oil plays, specifically from looking at the potential in the West Netherlands basin and leading to the seeking of new opportunities and the identification and application for licences elsewhere in the world.
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