It said this morning its 100%-owned Vitalba-1 gas appraisal well spudded late yesterday in the Vitalba field in the gas rich Po Valley province of northern Italy, and will be followed shortly after by the company’s second development well, the 100%-owned Sillaro-1, further southeast near the city of Bologna.
“The [Vitalba] well will be drilled to a depth of 1,800 metres over the next 20 days and is only the second well to be drilled on the field,” said a company statement.
“The spudding of Vitalba-1 is obviously a milestone but is part of a three phase development plan to ensure Po Valley moves from explorer to gas producer by the end of 2005, the first anniversary of our ASX listing,” said Po Valley’s chief executive, Michael Masterman.
The Vitalba field is located just 23 kilometres east of Milan in the Cascina san Pietro permit. It contains estimated total remaining 3P reserves of approximately 8.6 billion cubic feet (bcf) of gas.
The field was first discovered in 1978 and has since produced 12.6 bcf for its original owner, Italian energy conglomerate, the ENI Group. Vitalba is in the 152 square kilometre Cascina san Pietro licence which also contains the Pandino field.
