Po Valley Energy Announces 'Positive' Results from Well Onshore Italy
Australian ASX-listed natural gas company, Po Valley Energy Limited, has announced positive log results from the drilling of the Podere Maiar 1 (PM1) well on the Selva gas field onshore Italy.
Downhole log results from Schlumberger confirmed a gross gas pay of 53 metres, according to a statement from Po Valley. The top of the reservoir was said to have been encountered at 1,245 metres TVD, some 12 metres above the level of any previous production wells, including the nearby Selva 6 well.
Po Valley’s joint venture partner, United Oil & Gas plc, stated the results indicated a ‘thick gas-bearing reservoir’.
PM1 was drilled to a total depth of 1,330 metres TVD ahead of schedule and on budget. Well completion is targeted to be finished mid-December with flow-testing on a rigless basis planned for early January.
“We are very pleased with these results,” said PVE Chairman, Michael Masterman, in a company statement.
“Po Valley will continue to update the market on well progress, and further log result evaluation and testing,” he added.
Commenting on the results, United CEO Brian Larkin said they confirmed the significant potential in the Selva field.
“We are looking forward to successfully completing the well operations, and commencing the rigless testing shortly. This is a great result for our shareholders and we look forward to progressing the license with our joint venture partners,” Larkin said in a statement sent to Rigzone.
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