Po Valley Energy : Positive log results at Italian gas well - Podere Maiar 1dir

December 6, 2017

Positive log results have been announced by Australian ASX-listed natural gas company, Po Valley Energy Limited, from the drilling of its Podere Maiar 1dir ('PM1') well in the Selva Gas Field in northern Italy's Podere Gallina licence area.

It will now be completed as a production well. PM1 was successfully drilled to a total depth of 1,330 metres in the Pliocene ahead of schedule and on budget.

Downhole log results from Schlumberger confirm a gross gas pay of 53m. The top of the reservoir was encountered at 1,245m TVD (1,223m TVDSS), some 12m above the level of any previous production wells, including the nearby Selva 6 well.

The two main sand levels show high resistivity in the logs, indicating in accordance with sonic, a gas-bearing reservoir.

Po Valley (63%) and its joint venture partners, United Oil and Gas (20%) and Prospex Oil and Gas (17%), have agreed to proceed to case, perforate and complete the well and install downhole production equipment.

Well completion is targeted to be completed mid this month with flow testing on a rigless basis planned for early January, 2018.

Commenting on the results, PVE Chairman, Mr Michael Masterman, said 'We are very pleased with these results from our first well Podere Maiar 1dir in the Selva gas field and will proceed to case and test the well.'

Po Valley will continue to update the market on well progress, and further log result evaluation and testing.

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