Reuters first to link Italy drill ban with UK explorers

Reuters was first on July 1 to link news of an Italian ban on offshore drilling with sharp falls of 8 and 12 percent in the share prices of smallcap explorers Northern Petroleum and Mediterranean Oil & Gas. Following up a statement from Ireland’s Petro Celtic, whose shares also dropped 13 percent in London, Reuters investigated who else would be affected, naming Mediterranean Oil & Gas and Northern Petroleum. Shares in both had fallen on Thursday but many in the market were unaware of the reason until the Reuters report. The FT mentioned the companies in its share report in the next day’s edition, and they both put out RNS statements the following morning. Mediterranean confirmed that its operations would be hurt by the ban, sending shares down another 26 percent.