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Po Valley advances funding for key Northern Italy gas field

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Oilfield Technology,

Po Valley Energy has reached a conditional agreement for United Oil & Gas to earn a 20% stake through a 2 for 1 farm into Po Valley’s Podere Gallina licence, which contains the Selva gas field.

The agreement allows United to earn a 20% interest for a share in the drilling costs of the exploration well Podere Maiar-1, planned for October 2017. Conditions for full commitment by United to the farm in are expected to be completed by July 2017 and drilling is planned for the December quarter.

Po Valley’Podere Gallina permit area includes the Selva gas field (which produced 83 billion ft3 from 15 wells over a 35 year period). PVE has identified an undrained area updip of the existing wells, (Selva Stratigraphic), and a second exploration target (East Selva) on the pinch out edge to the east of the main Selva field. The Company is in the process of ordering long lead items and completing the first stage of civil works at the site.

Chairman of Po Valley Energy, Mr Michael Masterman, commented: "We are delighted to welcome United Oil & Gas as a strategic partner in Selva which was previously one of ENI’s largest onshore natural gas production fields. Our successful drilling of Podere Maiar-1 is a strategic priority and has the potential to add more significant gas production for Po Valley following development. Civil works are already underway and drilling is planned for the December quarter 2017”.

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