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Italy: Northern spuds Po basin exploratory well

Northern Petroleum PLC has spudded the La Tosca-1 exploratory well on a 3D seismic prospect on the Longastrino permit near Alfonsine gas field in Italy’s eastern Po Valley basin.

Orca Exploration Group Inc., Tortola, British Virgin Islands, is paying 100% of the well cost to as much as €4.3 million and 70% thereafter for the drilling phase plus back-in costs of €600,000 to earn a 70% interest in the block. Drilling time is expected to be 40 days.

If the well is tested and completed, Orca will earn a further 5% interest by paying 100% of testing costs up to €1.3 million and 75% thereafter.

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