Northern 'not badly affected' by Italy's oil exclusion zone

2nd Jul 2010 11:42

Northern Petroleum is one of the lucky ones as plans by the Italian government to set up a five-mile no-drill zone around its coastline do not affect the AIM-listed explorer.Proposals put forward by Environment Minister Stefania Prestigiacomo look like they “do not affect Northern's reported reserves in Italy or the exploration prospectivity of the Southern Adriatic,” according to bosses.They also have “limited or no effect upon most other areas including the West of Sicily Thrust Belt”."I believe we are not badly affected save in the Ionian Sea, not our most significant core area,” managing director Derek Musgrove said. “We have always conducted ourselves with due consideration to marine parks, sensitive coastal areas and the environment in general.”“It is not surprising that the Italian Government would have some reaction to events in the Gulf of Mexico and now we can move forward with their views having been expressed.”