Sydney, Nov 7, 2008 AEST (ABN Newswire) - Australia's Po Valley Limited (ASX:PVE) has been formally granted sixyear gas exploration licences for its La Prospera and Terra del Sole prospects near Bologna in northern Italy.
The two new licences, which expire in 2014, represent the first major portfolio additions from a suite of eight preliminary licences awarded to Po Valley over the past two years.
Following extensive geological studies and seismic interpretation, the Company has defined three priority gas targets in the La Prospera licence - Gradizza, Pioppette and Capitello. The most advanced of these is the Gradizza prospect, a shallow (1,000m) anticlinal structure with a strong "bright spot" and seismic definition, which contains estimated P50 resources of about 7 bcf.
"We will aim to drill the Gradizza 1 well in late 2009 or early 2010, based on the positive results of our geological work," Po Valley's Chief Executive Office, Mr Michael Masterman, said.
Seismic reprocessing and further work is underway on the Pioppette and Capitello structures and on the Castrocaro prospect in Terra del Sole, with the objective of bringing 1-2 of these targets to drillable status in early 2009. "La Prospera is a great addition to our portfolio, with the potential of three significant exploration targets," Mr Masterman said. "Like our Sillaro, Castello and Bezecca projects, both La Prospera and Terra del Sole are expected to benefit from high quality gas, close proximity to the pipeline grid, and the relative strength of Italian gas prices," he said.
Contact
Michael Masterman
Po Valley Energy
Mob: +61-417-851-303
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