JKX Oil & Gas Makes Discovery in Italy

JKX Oil & Gas reports that its Italian exploration well, Civita 1, has discovered gas. The well flowed under test at a maximum stabilized rate of 2.6 million cubic feet per day through a 1/2" choke, with a wellhead flowing pressure of 723 psi. JKX holds a 30% working interest in the well which is operated by ENI.

Civita 1 was spudded on February 20th and has been drilled to a total depth of 1,481m. The well logged 7.5m of gas-bearing tertiary sands between 1,157m and 1,172m and has now been shut-in with a permanent completion, and the rig demobilized.

The onshore Civita exploration permit is located south of Pescara and lies within the San Salvo-Cupello trend to the east of the Apennines. The tertiary sands, which were found gas-bearing in Civita 1, form the reservoir for a significant number of shallow gas fields in this trend. The gas produced from the tertiary is biogenic and essentially pure methane.

Civita 1 tested a structural closure defined by 3D seismic. There was a strong amplitude anomaly coincident with the structure. A preliminary estimate indicates that the structure may contain approximately 3 billion cubic feet of gas. Further study will be required to define possible development options and to prepare an accurate estimate of potential recovery.