Po Valley Spuds Italian Gas Well

Operator Po Valley Energy has spudded the appraisal/redevelopment well Podere Maiar-1d in the Po Valley region of Italy November  21, partner Prospex said. 

The Podere Maiar well is being drilled into the Selva Gas-Field (previously operated by Eni), which historically produced 83bn ft³ between 1960 and 1984.  This well is targeting contingent resources of 17bn ft³ and it will be drilled to a total of 1,350 metres with completion targeted in 20 to 25 days. Well-testing has been planned and, in the case of success, will be undertaken in mid-January 2018. The rig will be released once drilling operations are completed and additional equipment brought in for well-testing, it further said.

Prospex non-executive chairman, Bill Smith said: "Having farmed-in to the highly prospective Podere Gallina permit less than a month ago, we are delighted that the Podere Maiar well has already spudded.  With drilling operations also underway at our 50% owned Bainet-1 well, onshore Romania, Prospex has material interests in two low cost wells currently being drilled in proven hydrocarbon regions and close to existing infrastructure and markets.  We are delivering on our strategy to expose our shareholders to value trigger events, and I look forward to providing further updates on our progress in the coming weeks."

Australian Po Valley says it was the first upstream company to bring new production to the Po Valley region since the end of the Eni monopoly and the liberalisation of the Italian gas market in 1998. It holds 12 licence areas, encompassing 2,000 km². AIM-listed Prospex has a 17% working interest in the well.