Ascent Resources Kicks Off Drilling at Gazzata-1 in Italy's Po Valley

Ascent Resources, through its wholly owned subsidiary Ascent Resources Italia srl ('ARI'), has started drilling the Gazzata-1 well near the city of Modena in Italy's Po Valley. The drilling is expected to take about three weeks to evaluate the primary target, a large gas prospect that is estimated to be at a depth of 2,100 meters.

Otto Energy of Australia has a farm-in agreement with Ascent whereby it will earn a 50% working interest in the project through the funding of the well. If the Gazzata-1 well is a significant discovery, Otto Energy will also fund a second well. The well is being drilled with the Perazzoli (Ascent 22.5% owned) HH-200 low environmental impact hydraulic rig.

The Gazzata Prospect

The Gazzata‐1 exploration well targets P50 prospective gas resources of over 100 Bcf in a seismically defined amplitude anomaly of over eight square kilometers in area. The minimum economic threshold for a commercial gas discovery in the Po valley with its excellent pipeline infrastructure and high European gas pricing is calculated by Otto Energy to be less than 10Bcf of recoverable gas.
 

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
U.S. Zanesville: Sr Field Engineer - Directional Drilling
Expertise: Directional Driller
Location: Zanesville, OH
 
United States Canonsburg: Service Manager
Expertise: Customer Service|WellSite Supervisor
Location: Canonsburg, PA
 
Drilling Engineer II Job
Expertise: Drilling Engineering|Petroleum Engineering
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $55.49/BBL 2.45%
Light Crude Oil : $52.42/BBL 2.04%
Natural Gas : $3.2/MMBtu 5.04%
Updated in last 24 hours