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