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Northern Petroleum chief says Shell partnership is key to future of Italian permit

Keith Bush, the chief executive of Northern Petroleum (LON:NOP), says the new tie-up with Shell in Italy is a crucial step in the permit’s development. The supermajor is acquiring an 80% stake in the Cascina Alberto permit onshore Italy for US$850,000 in cash and committing to covering the AIM firm’s exploration costs up to US$54mln – US$4mln for seismic and US$50mln for drilling. Bush also says the company is also working hard on putting together the redevelopment programme in Canada. ‘Once we’ve worked out a way to deal with water problems…we will turn all the wells that we have back on and go from there with the project,’ Bush adds.

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