Australian petroleum explorer Po Valley Limited has been awarded the rights to proceed with five new gas and oil exploration licence applications in Italy.
The additional licences cover a total area of 1,610 km2 and are all confined to petroleum provinces in northern Italy where Po Valley has focused its development options.
“This is a major increase in the size and depth of our Italian portfolio”, Po Valley’s Chief Executive Officer, Michael Masterman, said. “The new applications provide Po Valley with the potential to delineate new gas/oil fields to build on the drilling and imminent production successes of our first three projects – Sillaro, Vitalba and Santa Maddalena - which were the subject of our prospectus two years ago.”
“The new assets provide us with some exciting large scale exploration projects within the dynamics of northern Italy which we identified as the most prospective for near term development and early production into the high demand Italian and European energy markets.”
The five licence applications are Ossola and Opera near Milan and La Prospera, Podere Gallina and La Risorta near Bologna. The licence areas contain eight new gas prospects and two new oil exploration targets, Masterman said.
Po Valley is due to commence gas production in late 2007 from its initial batch of proven wells in northern Italy.
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Po Valley has acquired five new gas and oil exploration licences in northern Italy where the company has focused its development options. |
