AleAnna Resources Clinches Participation Agreement for Italy’s Po Valley Permit

Dallas-based AleAnna Resources announced the execution of a participation agreement with Andiamo Resources LLC for the Corte Dei Signori permit in the Po Valley, Italy. 

‘Under the terms of the agreements, Andiamo paid AleAnna a prospect/license fee and AleAnna will grant Andiamo a non-exclusive license to AleAnna’s propriety 3D seismic data acquired in the Corte dei Signori permit area in the Po Valley,” reads a note released by the company. 

According to the agreement, Andiamo will fund well drilling activities. In return, it will earn a working interest.  

AleAnna expects the two companies to drill two exploration wells in 2014. 

“Andiamo is a strong technical and financial partner.  Andiamo’s entry into this market confirms AleAnna’s strategy of utilizing 3D seismic to explore for oil and gas reservoirs in a cost efficient manner in onshore Italy,” AleAnna’s president, Sioux Sinnott, commented.