GCIItalian government approves concession for United Oil and Gas, Prospex O&G in prospective Po Valley
shared news with investors today that it has received preliminary approval by the Italian government for their production concession application to develop the Selva Gas Field.
This important milestone puts Selva on schedule to begin seeing gas production, up to 150,000 cubic metres per day, starting in 2020.
The onshore Selva field, in which United holds a 20% interest, includes the formerly ENI operated Podere Maiar well, where a significant commercial gas discovery with strong flow rates was confirmed in January 2018.
Also involved in the field which historically produced 83 Bcf of gas between 1960 and 1984 is , with a 17% interest.
With Selva situated in the larger Po Valley region of Italy, a proven hydrocarbon region where over 5,000 wells have been drilled, United is confident this project will result in significant cash flow beginning in 2020.
As development and production plans ramp up, United will install a fully automated gas plant at the existing Selva/Podere Maiar-1d well site, with a one-kilometre long pipeline to the nearby Italian National Grid. Clearly, proximity to such an asset makes this project and region highly prospective.
Making the project all the more interesting, the company is now awaiting results from a 3D seismic programme to weigh whether additional wells can be drilled in the licence.
For more news and updates on United Oil & Gas and Prospex Oil and Gas
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.