The Teodorico project (formally d40 PY AC) is a 100%-owned natural gas field located in the shallow waters of the Adriatic Sea (offshore from the Emilia Romagna region) and contains two connected gas discoveries, Carola and Irma, both drilled and tested by the former operator ENI.

Teodorico has 2P reserves of 36.5 Bcf.

Environmental Impact Assessment (EIA) approval was received in March 2021 and Po Valley Energy is currently awaiting a final production concession.

The field is located 12 miles offshore from Ravenna and is developed with 2 production wells in 30m water depth. There is an option for tie-in to the nearby Naomi-Pandora platform (operated by ENI) through a 12km long pipeline.

To date the Company has invested EUR 1 million in:

• The Preliminary front-end engineering and design (PRE-feed) study, which is now complete;
• Full 3D seismic coverage (120 km) and well data purchased from ENI, reprocessed and re-interpreted in house;
• Process and distribution at utility rate through ENI’s adjacent Naomi Pandora processing facility (tie-in discussion ongoing with ENI).