The company said its 100% owned Vitalba-1 deviation well had intersected a 4.3 metre net gas column over three levels between 1,577 – 1,620 metres.
Po Valley CEO Michael Masterman said a similar well (Agnadello-1) drilled four hundred metres away and which yielded a 5 metre gas column produced 12.6 billion cubic feet (bcf) of gas over nine years.
“This is an excellent start to our maiden exploration initiatives, particularly as the Vitalba-1 result confirms the success of the Company’s geological model for this gas rich province,” Masterman said.
“The well logs show good porosity of 24-27% and no water and the gas appears to be held in thin beds interspersed with clay zones which should be positive for reservoir drainage and production."
The field is located 23km east of Milan in the Cascina san Pietro licence area.
Masterman said that as soon as the Vitalba-1 testing is completed, the rig will move southeast to Po Valley’s 100% owned Sillaro-1 development well, near the city of Bologna.
“Sillaro is our principal drill target in the province for us this year, comprising two large anticline structures containing estimated total remaining 3P reserves of 53.4 bcf,” Masterman said.
