Oz Po Valley Books Maiden Selva Gas Reserves
Australia’s Po Valley Energy February 8 announced maiden gas reserves for its majority-owned onshore Selva Malvezzi field, northeast of Bologna in northern Italy.
The maiden gross 2P reserves for Selva of 13.3bn ft3 were prepared by French geophysical services consultancy, CGG, from previously reported gross contingent resources but also includes results from new drilling on the field early last year, Po said.
“The milestone estimate announced today delivers 8.38bn ft3 of net 2P reserves attributable to Po Valley and represents the company’s first reserves for this gas field,” it said.
In addition to the Selva reserves, the area contains on a best estimate basis, 34.8bn ft3 of prospective resources in East Selva which will be a priority for drilling following the final grant of the Production Concession, and the Fondo Perino prospect, the company added.
Selva is 63%-owned by Po Valley, with the remainder owned 20% by United Oil & Gas and 17% by Prospex Oil & Gas. Last month, Po got Italian government’s initial approval for planned first production well in the field.
The Selva gas field sits within the Podere Gallina exploration permit and is less than one kilometre from the country’s national gas grid.
Po Valley CEO, Mr Michael Masterman, said, “Italy continues to have to import more than 90% of its gas consumption so new domestic contributors such as Selva build shareholder value and help deliver Italy’s push to use natural gas as a critical transition fuel towards a low carbon economy and with negligible environmental impacts.”