The stock price of Northern Petroleum soared 11 percent on Thursday after the company disclosed it had brought Shell in as a partner on six of its Italian licenses.

U.K. based Northern, which manages the largest offshore exploration area in Italy, said Shell will earn 55 percent stakes in Sicily Channel licenses GR17-NP, GR18-NP, GR19-NP, GR20-NP, GR21-NP and GR22-NP. Shell will pay for €1.9 million in old Northern expenses; the reprocessing cost of current 2D surveys; the cost of 3D surveys the supermajor decides are needed plus the drilling and testing of a first well.

Shell will take over as operator upon any start to drilling into licenses said to contain 1.9 billion barrels of reserves.

Survey contractors have already been contacted over a shoot that cover an area the size of 20 North Sea blocks.

Tags: Northern Petroleum, Royal Dutch Shell plc