United Oil & Gas Plc updates on the Podere Maiar wellUnited Oil & Gas Plc the London Stock Exchange listed oil and gas exploration and development company, notes that Po Valley Energy Limited, the operator on the Podere Maiar 1 well on the Selva Gas Field in the Podere Gallina licence has made an announcement relating to significant gas flows.
Strong gas flows on test have confirmed a significant commercial discovery for United Oil & Gas Plc at its Selva gas field in northern Italy.
The Company announces today that PVE have reported that the strong gas flows have resulted from successful flow testing of the recently drilled Podere Maiar 1dir exploration well on the Selva gas field within the Podere Gallina Exploration licence in northern Italy (PVE 63% Operator; United Oil & Gas Plc 20%; Prospex Oil & Gas Plc 17%).
That drilling program intersected two identified gas reservoirs, C1 and C2, in the Medium-Upper Pliocene sands of the Porto Garibaldi Formation.
The thickest level C2 (net pay 25.5 m) reported a peak flow rate of 148,136 scm/day on a 3/8-inch choke and a pressure differential of 11 bar with no water production. Pressure recovery to formation pressure occurred in 2 minutes. The higher level C1 (net pay 15.5 m) also reported strong flow test results with a peak flow rate of 129,658 scm/day on a 3/8-inch choke with good pressure recovery (about 12 minutes).
The strong flow rates from two gas-bearing levels 99.1% methane gas content and the well’s 600m proximity to the Italian national gas grid pipeline connection, clearly make the Podere Maiar 1 dir well a commercial discovery. As Operator, Po Valley will now prepare and submit a production concession application to the Italian Ministry, in the first half of 2018. The Ministry has been formally informed of the discovery and officials attended the successful test.
United Oil & Gas Plc CEO Brian Larkin said: “We are delighted to announce a commercial discovery on our Italian well. This result is a significant development milestone for our business. The flow test results exceeded our pre-drill expectations and we are now on the road to production. Po Valley will now incorporate this well-test data into the development plan and submit it as part of the application to the Italian authorities to convert a portion of the existing “Exploration Licence” into an “Exploitation Licence.”
“We will continue to keep markets updated on potential deal flow along with operational portfolio developments.”