April 26, 2019
FOURFOLD OIL INVENTORY BOOST ONSHORE ITALY FOR AUSTRALIA’s PO VALLEY
Australia’s Po Valley Energy Limited, (“Po Valley” or “The Company”) is pleased to announce maiden oil and gas condensate Prospective Resource estimates for its large onshore oil exploration holdings in northern Italy.
The gains cover the Torre del Moro Exploration Licences southeast of Bologna, the Bagnolo SW prospect in Cadelbosco licence, and a large 334% increase in the 2C resources in its Bagnolo in Piano and Ravizza oil fields in the Cadelbosco Grattasasso Exploration Licences.
These two oil fields and the oil / condensate prospects are 100%-owned by Po Valley.
The maiden Prospective Resources estimates for Torre del Moro and Bagnolo SW prospects were validated by France’s respected independent geological and petroleum reservoir consultancy, CGG. This followed the purchase and interpretation of 2D seismic data across the Torre del Moro prospect and review and seismic reinterpretation of Cadelbosco / Grattasasso data along with regional well available data and a structural study review.
The evaluation of Torre del Moro’s newly purchaed seismic data defines a clearly structurally closed large faulted ramp anticline feature, structurally and geologically similar to the already discovered Villafortuna oil field in northern Italy’s Po Valley river area (in excess of 300MMBBls of 41 api oil already produced). The active petroleum system is demonstrated by the oil shows in the nearby Sarsina 1 well drilled down-dip from Po Valley’s Torre del Moro prospect.
The very significant upgrade in the estimated 2C resources in Bagnolo in Piano and Ravizza oil discoveries from 5.6 million and 4.4 million barrels respectively to 27.3 million and 16.1 million barrels flows from fresh seismic revision and geological evaluation work enhancing structure volumes and recovery factors increase derived from the use of horizontal development wells (extensively drilled in these reservoirs) properly addressing the fracture system defined with this structural revision. In addition, available data of similar oil fields such as Cavone and Villafortuna were utilised.
As well as these Contingent Resources estimates, the seismic/geological revision carried out over the licence allowed the definition of a new Prospective Resource of 54.5 million barrels (best estimate) has been defined in the Bagnolo SW prospect, being a geological / structural southwestern extension of the Bagnolo in Piano oil discovery.
“Torre del Moro, Bagnolo in Piano, Ravizza and Bagnolo SW represent four large oil onshore prospects and discoveries which add further substantial scale and upside to the Po Valley portfolio,” the Company’s Chief Executive, Mr Michael Masterman, said today.
“The Po Valley and CGG evaluations highlight the potential for large-scale onshore gas condensate and oil development in the Torre del Moro and Cadelbosco / Grattasasso assets.”
The estimated quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
Po Valley CEO, Michael Masterman (0418 951 792)
The CGG report is attached to this release.
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