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Rome, Aug 13, 2009 (ABN Newswire) - Production capacity has been confirmed in the PL2A level and additional production potential identified, by Po Valley Energy Limited (ASX:PVE) during initial clean up and testing of the Sillaro- 2 gas well, east of Bologna in northern Italy.
The Company announced today that short confirmatory tests on Level PL2A in the Sillaro-2 well had confirmed the results in the levels previously flow tested in the Sillaro-1 well. The wells are 500 metres apart at target depth.
The PL2A level was perforated from 2,304 metres to 2,309 metres measured depth (MD) and tested at a maximum rate of 4.33 million cubic feet per day (122,700 cubic metres a day) on a 1/4 inch choke.
Po Valley's Chief Executive Officer, Mr Michael Masterman, said the outcome was a positive early sign for future field production rates.
"Successful results were also achieved in a new level, PL2C0, adding potential new productive capacity to the field," Mr Masterman said.
The PL2C0 level was perforated from 2,246m to 2,261m MD, and tested at a maximum rate of 1.79 million cubic feet per day (50,600 cubic metres a day) on a 3/16th inch choke.
"These initial results are solid and validate our expectations for the development of this field," Mr Masterman said.
"Two additional levels in Sillaro-2, comprising the previously tested PL2C2 and a new shallow level at 2,000m, will be tested this week."
Mr Masterman said the log results in Sillaro-2 confirmed the main payzones in the nearby Sillaro-1production well across a gross interval of 140 metres from 2,180-2,320 metres MD, "with a very good match between the two wells".
Po Valley has secured two gas sales contracts totalling about A$150 million with Italian gas distributors, Elettrogas and Italtrading SpA. These contracts are for the first three years of gas produced at Sillaro and another field in northern Italy, Castello - the first of two imminent production contributors for the Company.
Note: All Depths are Measured Depths (MD)
The Company announced today that short confirmatory tests on Level PL2A in the Sillaro-2 well had confirmed the results in the levels previously flow tested in the Sillaro-1 well. The wells are 500 metres apart at target depth.
The PL2A level was perforated from 2,304 metres to 2,309 metres measured depth (MD) and tested at a maximum rate of 4.33 million cubic feet per day (122,700 cubic metres a day) on a 1/4 inch choke.
Po Valley's Chief Executive Officer, Mr Michael Masterman, said the outcome was a positive early sign for future field production rates.
"Successful results were also achieved in a new level, PL2C0, adding potential new productive capacity to the field," Mr Masterman said.
The PL2C0 level was perforated from 2,246m to 2,261m MD, and tested at a maximum rate of 1.79 million cubic feet per day (50,600 cubic metres a day) on a 3/16th inch choke.
"These initial results are solid and validate our expectations for the development of this field," Mr Masterman said.
"Two additional levels in Sillaro-2, comprising the previously tested PL2C2 and a new shallow level at 2,000m, will be tested this week."
Mr Masterman said the log results in Sillaro-2 confirmed the main payzones in the nearby Sillaro-1production well across a gross interval of 140 metres from 2,180-2,320 metres MD, "with a very good match between the two wells".
Po Valley has secured two gas sales contracts totalling about A$150 million with Italian gas distributors, Elettrogas and Italtrading SpA. These contracts are for the first three years of gas produced at Sillaro and another field in northern Italy, Castello - the first of two imminent production contributors for the Company.
Note: All Depths are Measured Depths (MD)
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About Po Valley Energy Limited
Po Valley Energy Limited (PVE) is engaged in the exploration for gas in the Po Valley region in Italy, and appraisal and development of gas properties. During the year ended December 31, 2006, the Company prepared and submitted production concession applications for Sillaro, Castello (aka Vitalba) and Sant Alberto (aka Santa Maddalena) fields. During 2006, eight new license area applications were submitted, of which PVE was awarded with the rights to proceed forward for five gas and oil exploration licenses applications in Italy. The additional licenses cover a total area of 1,610 square kilometers and are all contained within the petroleum provinces in northern Italy where the Company has focused its development options. The five license applications are Ossola and Opera located near Milan and La Prospera, Podere Gallina and La Risorta located near Bologna. The license areas contain eight new gas prospects and two new oil exploration targets.
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