Uchenna Izundu
International Editor
LONDON, July 24 -- Po Valley Energy Ltd. has secured the Cadelbosco di Sopra exploration license in northern Italy covering 513 sq km. The company said it lies between Parma and Modena and about 80 km west of Sillaro field, Po Valley's imminent maiden producer.
Po Valley plans to purchase and review seismic data covering the Cadelbosco di Sopra block, and the company is working to meet the environmental requirements.
Cadelbosco di Sopra holds several oil and gas discoveries, including Correggio gas field, formerly owned by Eni, which produced a total of 247 bcf in its initial life. Po Valley is investigating restarting production from the field to profit from the high Italian gas prices which top more than $19/Mcf.
"The prospectivity of the license is reflected in its initial production history, as well as one drilled and tested oil discovery and at least two high quality exploration gas targets," said Po Valley Chief Executive Michael Masterman.
With this acreage, Po Valley holds more than 3,152 sq km of petroleum licenses across northern Italy. They contain 18 gas exploration prospects and 4 oil exploration prospects.
"Of these prospects, five of the gas prospects and two of the oil prospects have been previously drilled and positively tested for gas or oil flows," Po Valley said.
The Cadelbosco di Sopra exploration license is the second major asset addition the company received in Italy recently after winning the 526 sq km AR-168PY block in shallow waters of the Adriatic Sea off eastern Italy.
Contact Uchenna Izundu at [email protected].
