Italy

Consulting engineers gave as best estimate a contingent resource of 104.23 million bbl of oil and 31.49 bcf of gas on the 13.64 sq km Elsa structure in the 127 sq km B.R268.RG permit in the central Adriatic Sea off Italy, said Cygam Energy Inc., Calgary.

By OGJ editors
HOUSTON, Sept. 23
– Consulting engineers gave as best estimate a contingent resource of 104.23 million bbl of oil and 31.49 bcf of gas on the 13.64 sq km Elsa structure in the 127 sq km B.R268.RG permit in the central Adriatic Sea off Italy, said Cygam Energy Inc., Calgary.

Only the Elsa structure was estimated, even though seismic data clearly show several large structures on the permit.

Cygam has submitted an environmental impact assessment report for the proposed Elsa-2 exploration well, expected to spud in late 2010, to Italian authorities. Projected TD is 4,700 m.

The drill site is in 33 m of water 7 km from the coast and near the 1992 Elsa-1 discovery well. It is also 10 km east of the onshore Miglianico-1, which tested up to 2,500 b/d of 34° gravity oil and 3.5 MMcfd of gas in 2001. Miglianico-1 is not yet on production due to a surface lease dispute.

Interests in the offshore block are Cygam Energy 60% and Petroceltic International PLC, Dublin, 40%.

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