BRS Clinches 1st Drilling Permit in Italy
BRS announced that the drilling permit for the Company's first well in Italy -- the Gallare 6d -- has been issued by the Italian Ministry of Economic Development. The permit was issued to the operator AleAnna Resources LLC, an Italian oil & gas exploration company in which BRS owns a 17.35% membership interest. At the same time AleAnna finalized a land usage agreement with the landowner. AleAnna is quickly moving ahead with drilling plans and expects to spud the Gallare 6d well within the next 60 to 90 days, depending upon rig availability. The well's bottomhole location has been selected using processed 3D seismic data and construction of the drilling pad will commence in mid-December.
"This is a very exciting time for BRS," stated Steve Moore, president and CEO of BRS Resources. "We are thrilled that AleAnna has its first drilling permit in hand, though it's really just the beginning of an exploration and development program that will lay the foundation for BRS Resources' future growth. This permit has been eagerly anticipated, and now BRS, through our ownership position in AleAnna Resources, can commence drilling our first well in Italy's Po Valley. Subject to rig availability and weather, we hope to commence drilling in early 2012. Plans are already in place for the application of several additional drilling permits in Italy in 2012, as well."
Through BRS's ownership of AleAnna Resources, one of the largest independent oil and gas exploration and production companies operating in Italy, the Company has eight "Exploration Permits" and three "Applications for Exploration Permits," totaling more than 800,000 acres (3,250 sq km). The majority of the acreage is located in Italy's prolific Po Valley, Europe's second largest onshore gas province, where 27 trillion cubic feet of natural gas (Tcf) have been produced and where significant infrastructure is already in place.