Project Profile
Location: 20 km from the Italian coast and 12 km from Aquila, Italy
Reserves: 26 mmboe contingent resource
Water depth: 600 m
The F.R40.NP permit contains the Giove oil discovery, drilled in 1998 by Enterprise Oil. The Giove discovery identified a 94 metre gross oil column in Oligocene reef carbonates. A subsurface evaluation completed by ERC Equipoise Limited in 2014 determined an expected 2C recoverable resource of 26 mmbbls, based on stock tank oil originally in place of 140 mmbbls.
The environmental impact assessment (\'EIA\') for the acquisition of 3D seismic data has been approved by the Italian regulatory authorities. In addition, EIAs for the exploration permit applications, contiguous to the existing permit in the southern Adriatic, has been approved. The acquisition of 3D seismic data over the prospect will be used to more clearly define the optimum locations for the appraisal well. The Company will seek a farm in partner prior to acquiring the 3D seismic. The first stage of the exploration programme, once the permitting process is complete, will be the acquisition of 2D seismic across the permits in order to high grade the prospectivity of these blocks ahead of a farm out campaign.
Operators:
Cabot Energy (formerly Northern Petroleum): Operator with 100% interest
Contractors:
ERC Equipoise Limited (ERCE): Subsurface geological evaluation studies (2014)