United Oil & Gas announces Northern Italy farm in

DUBLIN, Ireland -- United Oil & Gas has confirmed that it has reached conditional agreement with Po Valley Energy to acquire a 20% stake in the Podere Gallina licence in the Po Valley region of Northern Italy. 

The Podere Gallina permit area includes Selva gas field (which produced 83 Bcf from 15 wells over a 35-year period). During 2012, Po Valley Energy carried out the necessary geological and geophysical work to assess Selva field’s residual gas potential. The technical team identified an undrained area updip of the existing wells, (Selva Stratigraphic), and a second exploration target (East Selva) on the pinch out edge to the east of the main Selva field. Independent geoscientists, Fugro-CGG have certified 2C Contingent Resources of 17 Bcf of gas in the undrained Selva Stratigraphic area.

Approximately 70 km of 2D seismic was purchased from ENI to further evaluate the exploration potential and reprocessing is now complete. It is intended that a well will be drilled on the licence during fourth-quarter 2017. 

Northern Italy is one of Europe’s most prolific gas regions. The region has a well-developed gas infrastructure, through which gas can be brought to market. Italy is heavily gas dependent and despite being one of the largest gas producers in Europe, is a net importer of gas.