Po Valley Energy has been awarded its first exploration permit offshore Italy. The exploration permit, named AR94PY (previously denominated AR168PY) is located in the shallow waters of the Adriatic Sea and contains two connected gas discoveries, Carola and Irma, both drilled and tested by the former operator Eni.

Resource evaluations of the combined two gas fields have a low estimate contingent resources (1C) of 22 Bcf and best estimate contingent resources (2C0 of 24.8 Bcf). These resource estimates have been independently audited by Fugro Robertson in April. Final recovery estimates will be formalized on conclusion of the development plan.

The company will now purchase the already recorded 3-D seismic data on the Carola and Irma structures and will start working on the field development program. Looking ahead, the project will benefit from close proximity to the offshore production facility at the adjacent ENI Pandora gas field.