News & ASX Releases

Deviation Well To Be Drilled On Vitalba 1 (Cascina San Pietro Permit)

May 4, 2004

Following evaluation of log results, Po Valley Energy has commenced drilling an anticipated deviation well in Vitalba 1 south towards the proven reserves near the Vitalba field’s first production well, Agnadello 1.

The well will be deviated 400m to the south from a kick-off of 950m. The side-track is expected to take 8-9 days to complete drilling at an incremental cost of EUR350,000. The side-track will have minimal impact on the overall budget of the Vitalba well due to the faster than expected drilling time to date for the first stage vertical well.

The Company announced today that Vitalba 1 had been drilled vertically to a final depth of 1,550m and logged. The logs indicate that the primary target San A1 and San A2 Levels were present at approximately the target level of 1,420m but were shaled out and therefore cannot produce gas. Level San A3 was also present with good sands but as with the original well, contained only water.

The first production well in the formation, Agnadello 1 (ENI), had three pinch out levels - San A1, San A2, and San A3. Gas was produced from San A1 and San A2.

San A3 had water. The Consulting Geologist’s report had estimated 3.6 bcf of proven reserves near the original well and, based on available seismic data, an additional 4.8 bcf of probable reserves in the updip. Vitalba 1 was drilled 800m to the north of Agnadello 1 following this potential updip.

On completion of the deviation well, the rig will immediately be mobilised as planned to commence the drilling program for Po Valley Energy’s Sillaro 1 well.


For further information contact Mr Michael Masterman (CEO) or Mr Dietmar Greil (Technical
Director) Phone +390669925154 or Cell +393331961061

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