Copyright © 2019
Po Valley Energy Limited
All rights reserved.
Po Valley Energy Limited
All rights reserved.
February 3, 2014
Po Valley Energy Limited (ASX:PVE) wishes to provide a revised version of the release lodged on 30 January 2014. This revised version contains some additional details in a reformatted summary in accordance with the new ASX Listing Rules (Chapter 5) applicable to the reporting of oil and gas activities and contingent resources for oil and gas projects.Contingent Resource Category | Contingent Resource Estimate - (Bcf) 100% | Contingent Resource Estimate - (Bcf) PVE 75% equity interest |
---|---|---|
1C | 1.6 | 1.2 |
2C | 3.6 | 2.7 |
3C | 8.8 | 6.6 |
Listing Rule | Information required | Commentary |
---|---|---|
5.25.6 | Provide explanation as to the method used to prepare the estimates of contingent resources | With the Gradizza-1 well results in hand, the method used to prepare the estimates of contingent resources is deterministic. The gas discovery can be exploited by the single existing well (Gradizza-1). |
5.33.1 | Type of permit held in respect of the reported estimates of Contingent Resources | The La Prospera exploration licence, located in the
Ferrara province north of Bologna, was awarded in September 2008. A
subsequent seismic interpretation of 68km of ENI seismic lines
identified the Gradizza prospect.
The Gradizza structure consists of a sandstone Quaternary target (Asti sands Fm.) at a total measured depth of 856 metres. The Company holds a 75% equity interest and operatorship, in Joint Venture with Petrorep Italiana Spa (15%) and AleAnna Resources LLC (10%). |
5.33.2 | Basis for confirming the existence of a significant quantity of potentially moveable hydrocarbons | The existence of a significant quantity of
potentially moveable hydrocarbons is confirmed based on (i) the
drilling results including logs which confirmed the presence of
hydrocarbons followed by (ii) the results of the rigless testing
carried out in November / December 2013 which after having been
incorporated in a static model confirmed commercial flow rates from
the well. |
5.33.3 | A brief description of (i) the analytical procedures used to estimate contingent resources; (ii) key contingencies ; and (iii) any further appraisal drilling and evaluation work | 1) Basis for assessment of the contingent resource range at Gradizza:
Gradizza volumes estimates are reported in accordance with SPE/WPC/AAPG/SPEE Petroleum Resource Management System Contingent Resources are indicated as those quantities of gas estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable due to one or more contingencies. 1C‐ Denotes low case estimate scenario of contingent
resources‐ When applied to Gradizza, they include the gas volume
limited to the GDT and the petro-physical features deriving from the
electrical logs and the surrounding wells drilled in the past. 2) the key contingencies that prevent the contingent resources from being classified as reserves: Within the context of the Italian regulatory framework, Contingent Resources can be re-classified as Reserves once a preliminary Production Concession is granted by the relevant Authority (Ministry of Economic Development). 3) No further appraisal drilling and evaluation work will be undertaken to assess the potential for commercial recovery of the field. |
5.33.4 | A brief explanation of contingent resources that are contingent on technology under development | The reported estimates of contingent resources are not contingent on technology under development. |
5.33.5 | Further details regarding land area and number of wells for unconventional resources | The reported estimates of contingent resources do not relate to unconventional petroleum resources. |
5.34.1 | For first time reporting, an explanation of the new data and information, how it has affected the resource estimates and any changes or additions | Gradizza volumes estimates are reported in
accordance with SPE/WPC/AAPG/SPEE Petroleum Resource Management System.
Resources related to the La Prospera License as disclosed in the
Company’s Annual Report 2012 were classified as Prospective as the
undiscovered accumulation of moveable hydrocarbons had not yet been
penetrated by a well.
Subsequent to drilling Gradizza-1 and the related log and production test results, Prospective Resources can now be reclassified as Contingent Resources. New data and information: Impact of the new data and information on the estimates of contingent resources: |