Project Profile
Value: Undisclosed
Location: Northern Apennine foredeep, Po Valley Basin
Gross mean prospective resource: 45 billion cubic feet (pre-drill estimate)
Gross prospective resource of gas: 85 billion cubic feet (pre-drill estimate)
The Longastrino permit is situated in the Northern Apennine foredeep, commonly known as the Po Valley Basin. Numerous gas and gas-condensate fields are located close to the permit including Ravenna, Alfonsine, San Potito, Cotignola, Dosso degli Angeli and Baldina. Recent discoveries include Agosta and Abbadesse. There are a number of proven clastic reservoir horizons in the Pliocene and Upper Miocene. Offset well data indicated average porosity of 20-25% (maximum 34%) and permeability in the range 10-400 mD can be expected. Intraformational clays, shales and marls act as seals, while the clays also have source potential to generate biogenic gas.
The principal target within the Longastrino Permit was the La Tosca prospect, which was drilled to a total depth of 2,335 metres in August 2012.
Northern Petroleum Plc agreed to farm-out interest in the Longastrino Permit to Orca Exploration Group Inc. an in the eastern part of the Po Valley Basin, onshore Italy.
Under the terms of the farm-out agreement, Orca paid 100% of the costs of the first well up to €4.3 million. As the well was not completed, Northern\'s equity was reduced to 30% during the drilling phase rather than 25% as otherwise anticipated.
Orca may become operator of the licence if it acquires regulatory approvals.
Operators:
Northern Petroleum Plc: Operator 30% interest
Orca Exploration Group Inc: 70% interest
Contractors:
Petreven S.p.A.: Drilling contractors