Oz Po Valley Upgrades Italian Field Resources
Australia-listed Po Valley Energy April 26 announced an increase in contingent and prospective resources for its majority-owned onshore Selva Malvezzi production concession, northeast of Bologna in northern Italy.
The 14.1bn ft3 of 2C inventory has been upgraded from zero previously for the Selva gas field. Detailed evaluation of four large prospects within the production concession area has resulted in a 74% increase in prospective resources (best case) to 91.5bn ft3 from 52.7bn ft3, the company added.
Selva reserves of 13.3bn ft3 2P remain as previously reported, Po Valley said. Selva is 63%-owned by Po Valley, with the remainder owned 20% by United Oil & Gas and 17% by Prospex Oil & Gas.
In January, Po got Italian government’s initial approval for planned first production well in the field. Selva said it remains on course to commence first production in 2020.
The Selva gas field sits within the Podere Gallina exploration permit and is less than one kilometre from the country’s national gas grid.
“Italy continues to have to import more than 90% of its gas consumption so new domestic contributors such as Selva build shareholder value and help deliver Italy’s push to use natural gas as a critical transition fuel towards a low carbon economy and with negligible environmental impacts,” Po Valley CEO, Michael Masterman, said.