Po Valley Energy: Upgrade of its Oil and Gas Reserves and Resources
Tuesday 20 February 2018
Po Valley Energy Limited reported an upgrade of its oil and gas reserves and resources for its 100% owned subsidiary Po Valley Operations Pty Ltd (“PVO”) as part of the release of an extensive Competent Persons Report (“CPR”) prepared on PVO, Po Valleys 50% owned Saffron Energy Plc and Appenine Energy. The CPR has been lodged in full with the ASX in conjunction with this release.
Maiden 2P Reserves of 36.5 bcf of gas have now been declared at the Company’s offshore Adriatic development Teodorico gas field in line with the Society of Petroleum Engineers (“SPE”) guidelines.
Teodorico has the largest gas in place of all of Po Valley’s gas fields and is at an advanced stage of assessment and is ready for development. The Company received a preliminary award of the Teodorico Production Concession last year and is advanced in securing environmental approval which is the main step before full grant of the Production Concession.
The development of the Teodorico gas field involves the drilling of two wells, Teodorico1 (TD MD 1,880 metres) and Teodorico2 (TD MD 1,900 metres) both drilled in shallow water (about 30m depth) and the construction of a 12km tie line to the ENI operated Naomi Pandora gas processing facility which is connected to the Italian National Grid.