Po Valley awarded production license for Teodorico field

Po Valley Energy Ltd., Perth—with interests in northern Italy—has been awarded a preliminary production concession for its Teodorico gas field in the northern Adriatic Sea.

The field, which lies in the AR94PY license area, was found and held by Eni SPA in 25 m of water. It lies outside Italy’s 12 nautical-mile exclusion zone. The field has five wells already drilled and tested by Eni and comes with a full suite of 3D seismic coverage acquired by the former operator.

Po Valley will now commence the environmental approval process and expects to submit the appropriate documentation during first-half 2017.

When the government has approved the environmental impact assessment and a full production concession granted, Po Valley intends to drill two production wells, install a platform and connect Teodorico to Eni’s nearby Naomi Pandora offshore gas processing facility.

Development design, including well locations, is already complete. The company expects it will be able to move swiftly to commercial production.

Po Valley expects to finance the development with a farm-in partner experienced in offshore drilling.

Teodorico has 2C contingent resources of 47 bcf of gas.

Po Valley already operates two onshore gas processing plants in northern Italy where the company has also embarked on an onshore development and production program. It expects to bring Bezzecca gas field on stream in January 2017.

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