London-based Northern Petroleum Plc completed the farm out of Cascina Alberto Italian onshore permit to Shell Italia E&P SpA, the company said May 8. The farm out to the wholly owned subsidiary of Royal Dutch Shell was completed May 7, the company added.
The farm out was announced March 5.
Italian regulatory authorities approved the transfer of 80% of the permit interest to Shell Italia. Shell Italia paid Northern Petroleum US$850,000.
Northern Petroleum said a work program to reprocess seismic data has begun. This will determine whether more seismic is needed to help delineate a proposed target for an exploration well.
Shell Italia will carry Northern Petroleum for E&P costs, the company said. This will include any new seismic until the seismic costs reach US$4 million and a carry on an exploration well until the well costs reach US$50 million.
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