AleAnna Taps IMC for Seismic Ops in Italy
Saxon Oil Company Ltd. has announced that AleAnna Resources LLC ("AleAnna"), of which Saxon owns a 20% membership interest, has executed a seismic contract with IMC Geophysical International Limited ("IMC")
to commence seismic operations immediately on 130 square kilometers within the Corte dei Signori Block in Italy.
In March 2008, the Italian Ministry of Economic Development, approved AleAnna's exploration application for the 248 sq. km. (62,000 acres) Corte dei Signori area. The area is located in the Emilia-Romanga Region, in the Po Valley, approximately 20 km east of the town of Ferrara.
"The execution of this contract with IMC is a major step," stated Mickey McGhee, president of AleAnna. "IMC is a premier international 3D seismic acquisition contractor and with the expected positive seismic data AleAnna
will build a strong exploration and production company to serve the domestic Italian oil and gas markets."
In Italy, AleAnna has an additional ten "Applications for Exploration Permits" totaling 744,037 acres that have
received favorable opinion by the Technical Committee for Hydrocarbons and Geothermics within the Italian Ministry of Economic Development. Eight of the exploration permit applications, totaling 602,790 acres, are located in the Po Valley in northern Italy, and two exploration permit applications totaling 141,247 acres are located in the Bradano Foredeep area in southern Italy.
Italy has been a major gas producing region in Europe since the late 1940s with over 4,300 wells drilled in several geologic provinces. The Po Valley is the most prolific gas basin in Italy with gas recovered from high
quality sandstone reservoirs at shallow depths. AleAnna has secured an excellent and substantial position in the Po Valley.
Richard G. Green, president and CEO of Saxon, stated, "Mickey McGhee has done a great job leading AleAnna. AleAnna's accomplishments in receiving Ministry approval for seismic operations in the Corte dei Signori area and executing a contract are significant. Saxon is very excited about the opportunities Saxon has acquired and identified in Europe."
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Company: IMC Geophysical International Limited more info
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