Northern Petroleum says an independent appraisal has trebled the potential of its six Adriatic Sea prospects to six billion barrels.

According to the AIM-quoted company, a comprehensive technical appraisal by consultant Blackwatch Petroleum Services suggests the combined potential of the Adriatic licences has increased from a 50 per cent likelihood of 2.29 billion barrels of oil in place to a ten per cent likelihood of 6.04 billion barrels. Managing director Derek Musgrove says this upgrade takes the potential of Northern’s 100 per cent-owned licences closer to the 50 per cent likelihood of 3.5 billion barrels previously calculated by Northern and before that by Enterprise Oil.

He argues, ‘This provides further substantiation of our view of the very considerable resource potential of the licences and preliminary awards in the southern Adriatic.’ Floated 12 years ago at 75p, Northern’s shares slid to 34p three years ago before surging to 202.5p last July and now stand at 144.5p, up 4p this morning, where they value the company at £102.3 million.

They might repay a punt if the sector stays hot.

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Northern Petroleum	AIM	£47.14m	66.50p	0.00p
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