Po Valley Anticipates Filing Application for Well in Northern Italy

Po Valley Energy (PVE) and AleAnna Resources decided to anticipate filing the production concession application for the Gradizza-1 discovery well in Northern Italy. The two companies are completing the procedures to file the application in early February 2014. 

After the successful rig-less testing finished in December, Po Valley disclosed contingent resources ranging between 1.6 to 8.8 billion cubic feet according to the scenario. The contingent resources are comprised of natural gas excluding natural gas liquids. 

“The Gradizza Well is important to AleAnna and BRS in establishing production in Italy and in broadening and quantifying our prospect portfolio in our adjacent permits,” commented Steve Moore, President and CEO of BRS Resources. BRS owns AleAnna, which holds 10% equity interest. PVE holds 75%, while Petrorep Italiana 15%. 

The Gradizza structure is located in the Ferrara province, north of Bologna.

It consists in a sandstone Quaternary target at a total measured depth of 1,000 metres. The company has commenced drilling activities in mid August. The discovery was drilled in September.