Vega has a 100% working interest in the Posta Nuova permit located onshore, in the Puglia region of southern Italy, along a trend of several major producing gas fields (Candela-Palino, Monte Stillo, San Salvo-Cupello). The permit, granted for a six years exploration term, is 154.55 square kilometers in size (38,188 acres) and carries an obligation to drill a well within 24 months from the official award date.
Vega has recently acquired additional seismic data which is currently being interpreted in order to confirm the size of the structural target which was first drilled in 1993. The exploratory well, Cervaro 1, tested gas at a rate of 1.3 MMcf/d from a middle Pliocene sand at a depth of approximately 950 meters and was subsequently abandoned due to a lack of gas transmission infrastructure at that time.
The Company is planning to offset the Cervaro 1 well to the required minimum total vertical depth of 1,000 meters to test the primary Middle Pliocene objective; however, if seismic interpretation confirms the presence of deeper structural objectives, the well may be deepened to approximately 1,500 meters to test a potential secondary Miocene reservoir.
Vega intends to drill the Posta Nuova prospect on a 100% basis and is currently finalizing the contracting of a drilling rig with an Italian company. Drilling is anticipated to commence in April, 2007, upon completion of the rig's current obligations. Casing, tubing and completion equipment are currently being acquired and will be available prior to the commencement of drilling operations.
Gas transmission infrastructure currently exists in the Posta Nuova area and co-generation possibilities are also being considered.
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