Saxon Oil announced that AleAnna Resources, of which Saxon owns a 20% membership interest, received formal approval and published decrees from the Italian Ministry of Economic Development granting exclusive exploration permits for six (6) years to AleAnna for both the Ponte Del Diavolo and the Ponte Dei Grilli applications located in the province of Ferrara, Emilia Romagna Region in northeastern Italy. The tracts lie in the Ferrara-Romagna Arc-NW Peri-Apenninic Foredeep. Italy has been a major gas producing region in Europe since the late 1940s.
These new exploration permits combined with the previously awarded Corte Dei Signori exploration permit are part of a significant portfolio of permits and licenses held by AleAnna in Italy. The Texas-based company concluded a 128 sq km 3D seismic survey over this Corte Dei Signori permit in March of 2009. Very little 3D seismic has ever been shot in this Po Valley Area. IMC Geophysical International Ltd was the contractor for the Vibroseis acquisition, the objective of which is to investigate the shallow gas potential. Initial processing of this data was completed in June 2009 and final interpretation of this data is in process now. Initial review of the data indicates several large structures. The company is finalizing locations and plans to submit a drilling permit to the regional authorities within the next few weeks.
Michael McGhee, President of AleAnna, stated, "AleAnna is very excited about the targets we have identified utilizing the 3D seismic acquired in the Corte Dei Signori area. Our portfolio continues to expand from applications to permits and our progress has across the board has been exceptional."
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