Cabot Energy, the AIM quoted oil and gas company focused on production led growth balanced with high impact exploration and appraisal opportunities, announces that the Environmental Impact Assessment (EIA), which was submitted to the Italian Ministry of the Environment for the drilling of an exploration well on the Vesta prospect, offshore Sicily, has been approved by the Italian regulatory authorities.
The Vesta exploration prospect
- Located in the 100% owned C.R.146 permit, 50 km offshore Sicily in 120 m of water.
- The Company acquired 620 km of 2D seismic across Vesta in 2006.
- Target reservoirs are the Liassic and deeper Triassic formations.
- Internally estimated unrisked mean prospective resource of 430 million bbls.
- Analogous with the nearby producing Vega oil field, which has produced 74 million bbls of oil to date.
With the receipt of the approval of the EIA, the Company will now seek a farm in partner prior to drilling the exploration well.
Keith Bush, CEO of Cabot Energy Plc, commented:
"The approval of the Vesta EIA is further evidence of our ability to work together with the Italian authorities to progress our high potential Italian assets. The Company is firmly committed to developing three to five company making exploration and appraisal events in Italy and will continue to work closely with the Italian authorities to advance the opportunities already identified within our portfolio."