www.povalley.com
Po Valley Energy is a leading independent Oil and Gas enterprise growing rapidly from quiet, results-driven beginnings. The Company currently operates exclusively in northern Italy exploiting the large hydrocarbon system, and it is now a gas producer in the fast-growing Italian market as it brings its first 2 fields into production - with more to come. All of the Po Valley Energy's fields are in very close proximity to the pipeline grid and major consumers in the north of Italy.
Po Valley Energy expands exploration footprint 38% in large Italian onshore gas field
Po Valley Energy (ASX: PVE) has been awarded two new gas exploration licences, adjacent to existing licences, expanding the company's footprint by 38% in one of the country’s former largest onshore gas fields.
Po Valley now controls almost 2000 square kilometres in onshore northern Italy.
Highlighting the prospectivity of the new licenses is that they cover the Correggio structure, which is a former ENI gas field discovered in the 1950s.
During ENI’s ownership, the field produced more than 253 billion cubic feet (bcf) of gas, one of the largest onshore gas fields in the Po Valley.
Po Valley is currently conducting a re-evaluation of the Correggio field, and with the support of ENI’s past production data, will assess the potential for additional reserves within the Quaternary and Pliocene reservoirs in the Cadelbosco di Sopra and Grattasasso licence areas.
Giovanni Catalano, chief executive officer, said "We are accelerating the final technical and evaluation work on the Quaternary prospects and anticipate submitting a formal application for drilling by the third quarter of this year.
"With drilling success, development planning would proceed immediately."
