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| Fantuzza
Fantuzza, located in the Crocetta exploration licence, is a deeper structure of Sillaro. The well is located near the former ENI Budrio-6 well and is targeted at exploiting potential deeper Miocene reserves. Surface plant and pipeline connections at Sillaro have been sized to take advantage of a success at Fantuzza-1 well, located about 2 kilometres East of Sillaro production site.
A static and dynamic reservoir study to re-assess the recoverable reserves from the Fantuzza structure was carried out by DREAM in June-July 2010.
From the general geological settings of the area, from correlations of well logs and from seismic maps of the main gas bearing levels, a static model was generated. Based on this work, a dynamic model was then created and calibrated with the interpretation of production tests from the existing wells in the area. The calibration was also based on the short production history of the Budrio field that produced around 10 million cubic metres (0.35 bcf) of gas over few months.
The resulting estimated original resources were: proven contingent recoverable resources (1C) of 53 million cubic metres (1.9 bcf) and proven plus probable contingent recoverable resources (2C) of 163 million cubic metres (5.8 bcf).
The Fantuzza-1 drilling program has received environmental clearance and the final drilling approval from the Ministry is expected shortly. Anticipated production from 2 wells is estimated to be in the order of 120,000 cubic metres per day (4.2 mmcf/day) for a period of more than three years. Assuming exploration success, the wells, when successfully completed, will be connected to existing Sillaro production facility via approximately 2 km of gas gathering line.
The Company is considering a farm-out campaign to fund the cost of Fantuzza-1 well (€4.5 million, dry hole basis).
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