Northern Petroleum abandons Italian well

AIM-listed oil and gas explorer Northern Petroleum has plugged and abandoned its La Tosca-1 exploration well in Italy, saying that it wasn't economical to warrant further drilling.

AIM-listed oil and gas explorer Northern Petroleum has plugged and abandoned its La Tosca-1 exploration well in Italy, saying that it wasn't economical to warrant further drilling.

Drilling operations started on August 6th to evaluate the exploration potential of a gas prospect mapped from 3D seismic data, however the firm said that positive forecasts prior to drilling were not met and indications were of more limited reservoir sand development than expected.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
MoneyWeek

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.