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New Prospects
On the La Prospera Licence the environmental application necessary for the Gradizza prospect drilling campaign, planned for the end of 2010, has been prepared and is ready for submission to the authorities. Further interpretation work continues on other gas prospects in the same licence, Pioppette and Capitello, in preparation towards maturing a future drilling program in 2011.
Po Valley is also moving rapidly towards the development of the Cembalina prospect -- a promising target in the Podere Gallina licence. Cembalina has prospective P50 resources of 12 bcf and will be backed by the acquisition of a 2D infill seismic asset, approximately 15 line kilometres, to be completed for summer 2010. This seismic acquisition will ensure that an optimum location is chosen for the Cembalina prospect, prior to the drilling program which is planned to take place early in 2011. Additional geophysical and geological interpretation work is also planned for the Casa Rossa and Fondo Perino prospects on the same licence.
An important milestone early in 2010 was the environmental clearance submission to the authorities for the Grattasasso permit. This is a further step along the route to final permit award which was granted in 2008 on a preliminary basis to the Company. The Ravizza oil discovery in the permit, P50 contingent resources 5 mmbbls, is adjacent to the Cadelbosco di Sopra permit, which contains the Correggio gas field. The Ravizza discovery is under evaluation to determine potential commerciality. In addition to the Ravizza prospect the permit also includes a Quaternary gas prospect with prospective P50 resources of 19 bcf. This prospect also overlaps the adjoining Cadelbosco di Sopra permit.
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