HOME ABOUT STRATEGY THE BOARD ASSETS INVESTORS SUSTAINABILITY CAREERS CONTACT PODERE GALLINA LICENCE, ONSHORE ITALY (SELVA) Introduction In July 2017, United Oil & Gas (UOG) completed a farm-in agreement with Po Valley Energy (PVE) to acquire a 20% economic interest in the Podere Gallina Licence in the Po Valley region of Italy. The licence contains the currently shut-in Selva gas-field as well as exciting exploration opportunities. The Podere Maiar-1 (PM-1) well was completed in December 2017, and successfully found a commercial gas accumulation updip of the previous wells on the Selva field. In August 2021 a Sales and Purchase Agreement (SPA), was signed with a subsidiary of Prospex Energy PLC, for the sale of 100% of the share capital of UOG Italia Srl for a consideration of €2.165 million in cash (c $2.54m). Podere Gallina licence location and neighbouring fields Selva Field and the Podere Maiar 1 well The Selva Gas Field produced over 83 Bcf before being shut-in in 1984, when it was still producing at >0.9Bcf per year with no apparent water-cut. The Podere Maiar 1 (PM-1) well targeted the same productive reservoirs, updip of the previous wells The PM-1 well was completed in December 2017 after encountering 41m of net gas pay in excellent quality C1 and C2 sandstone reservoirs of the Pliocene Porto Garibaldi Formation. The well was tested in January 2018. The lower, C2 reservoir, reported a peak flow-rate of ~150,000scm/d (875boepd) on a 3/8” choke. On a separate test, the upper C1 reservoir, flowed at a peak rate of ~130,000scm/d (750boepd), also on a 3/8” choke. Although there is limited seismic data over the field, the large number of wells on the structure constrain the reservoir edge, and coupled with the recent PM-1 well results indicate gross base-case recoverable volumes of 18Bcf (3.1mmboe). H220 Archimede rig on-site (Nov ’17) Podere Gallina Exploration As well as the Selva Field, there are further material exploration opportunities within the Podere Gallina licence East Selva is along the same play trend as the Minerbio and Selva Fields, separated from Selva by a structural saddle The recent PM-1 results have helped de-risk this structure, and a 3D seismic to cover this and the other prospectivity in the Selva area is planned once the Selva Field is in production Work by CGG on the East Selva lead indicates it holds base-case recoverable resources of 35 Bcf Po Valley Energy as Operator PVE have operated in Italy for the last 10 years, and are experienced in Italy’s regulatory process across the full-cycle of the oil and gas business. There is an experienced local management team in place PRIVACY POLICY |