Po Valley Energy, which is engaged in oil and natural gas exploration, has announced that it has been formally granted a six-year exploration license for its Podere Gallina license near Bologna, Italy.
In addition, the company has also been granted a preliminary award of the Grattasasso exploration permit near Modena.
According to Po Valley Energy, the awards are in addition to 20-year production concessions won by the company itself in late-2008, and which have cleared the way for first gas flows from the company’s Sillaro and Castello fields.
The new Podere Gallina license expires in 2014 and covers an area of 506sqkm. Following extensive geological studies and seismic interpretation, the company has defined three priority gas targets in Podere Gallina are Fondo Perino, Cembalina and Casa Rossa.
Fondo Perino is a faulted anticlinal structure at a depth of approximately 1,500m and contains estimated resources of about 22 billion cubic feet of gas. The Cembalina structure, which is reported to have the potential to be of similar size, will be the subject of further geological and geophysical study, including possible seismic acquisition, during 2009.
Po Valley Energy is an independent Oil and Gas enterprise. The company currently operates in northern Italy exploiting the hydrocarbon system. All of the company’s fields are in close proximity to the pipeline grid and major consumers in the north of Italy.
