Northern Petroleum reported Friday that it was "encouraged" by results from its onshore La Tosca well in the Po Valley region of northern Italy in spite of the firm abandoning the well after concluding it would not be commercial.
The La Tosca-1 well is located around 2.5 miles northeast of the depleted Alfonsine gas field in the eastern Po Valley Basin. The well was targeting conventional gas in three zones.
The well began drilling operations on Aug. 6 and reached a total depth of 7,660 feet on Aug. 27. It was plugged and abandoned before well completion and testing, even though it encountered gas shows, because of indications of limited reservoir sand development at the prospect than expected.
"Whilst there will not be a well test, the gas shows are encouragement for further work to be undertaken to determine the future potential in the area. Northern's share of the well cost is minimal and the drilling was completed ahead of schedule and conducted in a proficient manner," Northern Petroleum Managing Director Derek Musgrove said in a statement.
The long-awaited well was thought to be targeting 43 billion cubic feet of gas, according to oil sector analysts at London-based investment bank finnCap.
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