Sant'Alberto is located north of Bologna. In March 2008, Po Valley reached an agreement with Edison (previous partner and operator) to assume 100% ownership and control of the licence. The production concession application was submitted in July 2006.
In February 2011, the Company shot 31 km of 60 fold 2D seismic lines. The seismic campaign was successfully completed and the Company finalised a new seismic interpretation of the field.
This was then incorporated into an updated static and dynamic reservoir model resulting in 2P reserve estimates of 2.1 bcf from the Santa Maddalena-1dir well.
The updated Production Concession application (incorporating the evaluation of the remaining potential of the field) was submitted to the Ministry of Economic Development and in July 2014, the Company was awarded the preliminarily production concession.
The Company lodged the Environmental Impact Assessment (EIA) with the Ministry of Environment in December 2014, the last step to receive the final production concession. The Ministry requested additional documentation to complete the EIA in July 2015. This documentation was provided immediately thereafter.
Following the grant of the Sant’Alberto production concession, the development plan is to produce from the single completed Santa Maddalena-1dir well.
The Company will then evaluate the feasibility of a second well in the eastern portion of Block-5, based on the production behaviour of the Santa Maddalena-1dir well, along with new seismic reinterpretation of the area following the purchase of additional existing ENI seismic to be reprocessed and integrated with the 2011 data.