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PO Valley Energy Limited (ASX:PVE) Commences Drilling Sillaro-2 Gas Production Well
Friday July 3, 11:47 AM
Rome, Italy, July 3, 2009 - (ABN Newswire) - The Sillaro-2 production well, at PO Valley Energy Limited's (ASX:PVE) Sillaro gas production field, was spudded today following mobilisation of the drilling equipment to the field.
Italian-based Perazzoli Drilling, employing a 200 tonne capacity HH200 hydraulic rig, has been contracted for the Sillaro-2 well.
The second production well is a deviated well which will be drilled to a planned total depth ("TD") of approximately 2400 metres vertical depth. The TD is expected to be reached in approximately 24 days.
Sillaro-2, together with Sillaro-1 drilled in 2005, will provide expected initial production capacity of 3.8 million cubic feet of gas per day.
The well is expected to be completed by the end of August at which time, Po Valley expects to commence civil works and installation of the Sillaro production plant.
About Po Valley Energy Limited:
Po Valley Energy Limited (PVE) is engaged in the exploration for gas in the Po Valley region in Italy, and appraisal and development of gas properties. During the year ended December 31, 2006, the Company prepared and submitted production concession applications for Sillaro, Castello (aka Vitalba) and Sant Alberto (aka Santa Maddalena) fields. During 2006, eight new license area applications were submitted, of which PVE was awarded with the rights to proceed forward for five gas and oil exploration licenses applications in Italy. The additional licenses cover a total area of 1,610 square kilometers and are all contained within the petroleum provinces in northern Italy where the Company has focused its development options. The five license applications are Ossola and Opera located near Milan and La Prospera, Podere Gallina and La Risorta located near Bologna. The license areas contain eight new gas prospects and two new oil exploration targets.
Contact:
Michael Masterman Po Valley Energy Tel: +61-417-851-303
Source:
Po Valley Energy Limited
Copyright (C) 2009 ABN Newswire. All rights reserved.
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