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| New Projects
The Company worked relentlessly during the past year to progress the development of the numerous projects within its portfolio.
The most advanced project developed in 2010 has been La Prospera, located in the Ferrara province, north of Bologna. The Exploration Permit was awarded in September 2008 and a subsequent seismic interpretation of 68 km of ENI seismic lines has identified within the Quaternary sequence the Gradizza prospect with predicted target depth of 1,000 metres and prospective best estimates resources of 265 million cubic metres (9.0 bcf). The drilling program was lodged to the Ministry during January 2010 and the project is presently waiting for Environmental Impact Assessment (EIA) clearance.
Interpretation work on the licence is continuing in order to better define the exploration gas potential of the permit.
Assessment of the Cembalina shallow gas prospect (predicted total depth of 1,200 metres) in the Podere Gallina exploration permit was advanced. The prospect carries prospective best estimate resources of 280 million cubic metres (9.8 bcf). In order to confirm Cembalina structural framework and assist in selecting the best location for an exploration well, an infill 2D seismic survey of 15 line-kilometers was completed at the beginning of March 2011 and will be incorporated into the ongoing evaluation.
On the same licence, additional geological and geophysical interpretation work is planned for the Casa Rossa structure.
The AR168PY offshore exploration licence application covers an area of 526 km2 in the northern Adriatic Sea (water depth: 30/50 m) and includes four gas discoveries: Irma/Carola, Adele, Azzurra and Ginevra.
During 2009, a preliminary evaluation was completed highlighting the potential of the discoveries, in particular the Irma-Carola structure. The Company expects full grant in late 2011. The working plan is to purchase already existing 3D seismic data from ENI and carry out a reservoir study for the final assessment of resources that should lead to a timely appraisal of the gas discoveries.
On the La Risorta exploration permit (preliminary granted), located in the north east of Ferrara province, the Company is progressing studies for promising gas prospects (Dosso delle Anime, Ariano and Corcrevà) with target depths ranging from 1,200 and 2,100 metres. Preliminary evaluation of total prospective resources amount to 43.7 bcf (unrisked). Purchase of existing seismic is planned in order to finalize the prospects gas potential and select drilling locations.
A new application, called Tozzona, was filed in June 2010. The application borders the existing ENI gas production licence Santerno, which produced 905 million cubic metres (32 bcf) to date. The main gas targets are represented by Mio-Pliocene reservoirs within structural traps. The Hydrocarbon Committee ruled in PVE's favour against a competing bidder in February 2011 therefore, the Company expects to receive a preliminary award in the near future.
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