logo-loader
viewPo Valley Energy Limited

Po Valley Energy's fourth Italian gas field potentially five times larger than Castello

gas_drop350_49ba1f8f10dca.jpg

Australia’s Po Valley Energy (ASX: “PVE”) has commenced work to bring a fourth gas field in northern Italy into production.

The Company announced today that appraisal drilling had commenced Thursday on the Bezzecca gas structure within Po Valley’s 100%-owned Cascina San Pietro permit area east of Milan.

The Bezzecca field is expected to be 5 to 10 times the size of Po Valley’s Castello field.

Po Valley will commission its maiden production wellheads at the Castello and Sillaro fields from July this year and has also commenced development work on a third field, Sant’ Alberto, in the Company’s 100% owned San Vincenzo licence.

Bezzecca is expected to reach target depth in 20 days. The well is located on a seismic high between four productive wells (drilled previously by ENI) and is therefore comparatively low risk.

Italian-based Perazzoli Drilling, employing a new 200 tonne capacity HH200 hydraulic rig, has been contracted for the Bezzecca well.

Po Valley Chief Executive Officer, Mr Michael Masterman, said first drill results from Bezzecca are expected by mid April.

Quick facts: Po Valley Energy Limited

Price: 0.05 AUD

ASX:PVE
Market: ASX
Market Cap: $32.36 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Po Valley Energy Limited named herein, including the promotion by the Company of Po Valley Energy Limited in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

2 min read