A significant confirmation has been made by Po Valley Energy Limited (PVE) regarding the commercial gas discovery that has been made at the Selva gas field in northern Italy. On Friday, the company has also made announcement regarding the strong gas flows which had been encountered during the flow testing of the recently drilled PodereMaiar 1dir exploration well. It is positioned within the PodereGallina Exploration license.

In the Medium-Upper Pliocene sands of the Porto Garibaldi Formation, two gas reservoirs were intersected during drilling operations at the well, C1 and C2. According to the reports, the thickest level C2 (net pay 25.5 metres) has a peak flow rate of 148,136 cubic metres per day on a 3/8 inch choke, whereas the higher level C1 (net pay 15.5 metres) has a peak flow rate of 129,658 cubic metres per day on a 3/8 inch choke.

Larkin also stated, “Po Valley will now incorporate this well-test data into the development plan and submit it as part of the application to the Italian authorities to convert a portion of the existing exploration license into an exploitation license.”

Bill Smith, the Prospex Non-Executive Chairman also agreed that the flow test results were stronger than expected. He stated, “We have started 2018 with a commercial gas discovery in Italy. The strong momentum behind Prospex is set to be maintained in the months ahead,” he also added,“The year ahead will not be short of high impact newsflo as we focus on exposing our shareholders to near term value trigger events, such as drilling and first production,” he added.

The measurement of PodereGallina license is 331 square kilometres and is located in the eastern part of the Po Plain, south of the Po Delta, among the Ferrara and Bologna provinces, in the Emilia Romagna Region. In the year2008, license for exploration was awarded.

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