Po Valley Energy Ltd., Perth, is planning to revive Eni SPA’s former Selva gas field in northern Italy with the drilling of the Podere Maiar-1 well within the Podere Gallina permit near Bologna in mid-November (OGJ Online, Jan. 29, 2009).
The plan is to target specific depths across several thick Pliocene gas zones in the field. Po Valley says particular focus will be on a stratigraphic prospect at a target depth of 1,300 m.
Po Valley Chairman Michael Masterman explained that the company has identified an undrained area, named Selva Stratigraphic, updip of the existing historic wells. A second exploration target, East Selva, also has been delineated on the pinch out edge to the east of the main field.
Under Eni’s operation Selva field historically produced 83 bcf of gas from 15 wells over 35 years.
Po Valley now has an 80% interest in both Selva field and the prospective nearby Selva East prospect. The other 20% interest is held by United Oil & Gas.
Masterman said Podere Maiar-1 is a strategic priority for the company that has potential to add more gas production to its portfolio in Italy.
The new program is in addition to Po Valley’s wider corporate restructuring moves this year within Europe’s energy market. Earlier this month the company entered into a nonbinding conditional agreement with Sound Energy and Saffron Energy. The proposed restructure centers on Po Valley’s majority 54% interest in Saffron which will become the three-way host vehicle for Saffron’s existing Italian assets as well as three new Italian assets owned by Po Valley and three gas exploration wells and two gas production assets owned by Sound Energy.
The restructure is subject to regulatory and shareholder approvals but is expected to be complete early in 2018. All being well, Po Valley will emerge with a 51% interest in the enlarged Saffron Energy. Saffron shareholders will have 16% and Sound Energy shareholders will have 33% in the new entity which will eventually be renamed Coro Energy.
