Northern Petroleum Constructs Well Site at Po Basin Gas Play Onshore Italy
Northern Petroleum UK has succeeded in putting all pre-drilling approvals in place, signed a drilling rig contract and commenced site
construction works. This is the start of a more active period of operational activities in Italy.
The Savio-1X well will be Northern's first well drilled in Italy under company management. It is located in the Regione of Emilia-Romagna in the main onshore area of the Po Basin biogenic gas play. The prognosis is that the well will reach the primary target at 3200 meters sub-surface with estimated mean gas in place of 222 bcf. On the drill path to the primary target it is anticipated to pass through a secondary in sub-optimum position which has been estimated to have the mean potential of entrapment of 110 bcf of gas. This is a combined mean un-risked Prospective resource of 332 bcf. as previously announced.
Northern's mapping has had the benefit of access to a seismic survey tie into the Stratic Energy/Eni recently discovered gas field at Longanesi.
As announced on October 24, 2008, for the onshore Savio license Northern has reduced its business risks and call upon cash balances through a farm-out agreement with Avobone Italy S.r.l, a member of the Indofin Group. Avobone will be paying 40% of the well costs. Following completion of that agreement the license interests will be:
- Northern 80%
- Avobone S.r.l. 20%
(ATI Oil Plc has a commercial interest equal to half that of Northern).
Derek Musgrove, Managing Director, Northern Petroleum Plc. stated, "We are increasing our activity level in Italy. This is a milestone in
progressing our very large Italian project. The odds of success have been assessed as reasonable, but nevertheless it is an exploration well. The structure is of higher than average potential for the region. Any discovery will benefit from the availability of an extensive infrastructure of gas pipelines and gas fired power stations throughout the region which has one of Europe's highest GDPs."
Operates 11 Offshore Rigs
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