Uchenna Izundu
International Editor
LONDON, Aug.1 -- Deltana Energy Ltd. of Australia will pay for an exploration well targeting a Pliocene objective in the western part of the Cento and Bastiglia exploration permits in Italy's Po Valley under a farmout from Ascent Resources PLC, London.
Deltana will earn a 50% interest in the permits, which cover 1,113 sq km. If the first test, with a target depth of 2,400 m, is successful, the company will fund a second exploration well.
The Po Valley has produced oil from more than 130 fields since the 1950s.
Ascent's exploration permits are in the central part of the Po Plain near the cities of Modena to the south, Mantova to the north, and Bologna to the southeast.
Contact Uchenna Izundu at [email protected].
