The new permit covers an area of 189 square kilometers and is located onshore in the Abruzzi region of central Italy. IGP also owns and operates the offshore BR 269 GC permit in this area which contains the Company’s 100% owned Ombrina Mare oil and gas discovery.
During the first exploration period of six years, IGP is planning to conduct geological and geophysical studies on the licence to better define a number of leads and, subject to confirmation of the leads, drill an exploratory well for oil targets within Mesozoic carbonates.
The Sulmona permit adds value to the Mediterranean Oil & Gas portfolio of exploration, development and producing assets, providing the Company with highly prospective, long term opportunities.
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