The new well, named Posta Piana 1, will fulfill the drilling obligation for the Posta Nuova permit, which was officially awarded to the Corporation on October 3, 2006. The well is located in the Puglia region of southern Italy, along a trend of several onshore gas fields (Candela-Palino, Monte Stillo, San Salvo-Cupello, etc.). Cygam acquired and re-interpreted available 2-D seismic data in order to confirm the size of the structural target where a former operator drilled a well in 1993. That 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. The Posta Piana 1 well is located approximately 200 meters away from the Cervaro 1 well, on a seismic defined structural high, and will be drilled to a minimum total vertical depth of 1,000 meters, to test the primary middle Pliocene sandstone target. Additional shallower sandstone reservoirs will be tested as well, pending log evaluation. In the event of geological success, additional development locations will be considered.
Cygam's has a 100% working interest in the Posta Piana 1 well, subject to a 20% free carried interest to production point if commercial production is established.
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