Po Valley Energy is pleased to announce that Maiden 2P Reserves of 36.5 bcf of gas have now been declared at the Company's offshore Adriatic development Teodorico gas field, Italy.
Teodorico has the largest gas in place of all of Po Valley's gas fields and is at an advanced stage of assessment and is ready for development. The Company received a preliminary award of the Teodorico Production Concession last year and is advanced in securing environmental approval which is the main step before full grant of the Production Concession.
The development of the Teodorico gas field involves the drilling of two wells, Teodorico1 (TD MD 1,880 metres) and Teodorico2 (TD MD 1,900 metres) both drilled in shallow water (about 30m depth) and the construction of a 12km tie line to the ENI operated Naomi Pandora gas processing facility which is connected to the Italian National Grid.
Close to one million Euros has already been spent by Po Valley on technical and facilities studies in order to reach this stage and all relevant permits are in hand. The Environmental Impact Assessment has been successfully filed and accepted by Governmental Authorities and Po Valley's formal development plan has been fully sanctioned by the Italian Ministry. Costs have been scoped and quotes obtained for Capex planning, covering the whole execution process.
The competent person, CGG Services (UK) Limited (CCG), considers that having reached this advanced stage, and having made these commitments, it is now reasonable to expect that the Operator will proceed to development within five years.