Bradano Basin, Italy

Operations in Bradano Basin, Italy

Italy Licence – Torrente Alvo

Celtique was notified of this licence award in November 2008. The permit was awarded by decree on 21 October 2010 to Celtique Energie Spa.

Celtique operates with a 50% interest.

Strombone Oil Field (within Torrente Alvo)

The Strombone oil field is located within Torrente Alvo and this was discovered in 1977 when the AGIP-Seagull joint venture drilled the Strombone 2 well to a depth of 2310m penetrating the Apulian platform carbonates, which were not reached by the earlier well, Strombone 1 (1971).

The structure was re-mapped following the acquisition of new seismic in 1990. The resultant interpretation shows Strombone to be a fault-independent, domal anticline with an aerial extent of approximately 9 sq.kms.

The primary reservoirs are coarse grained calc-arenites and limestones of Miocene age, which have low to moderate reservoir quality and contain natural fractures. Following completion and acidization, a production test of the interval in Strombone 2 recorded a flow rate equivalent to 786bopd. The field was not developed or produced. The field clearly has development potential and higher oil production rates could be achieved through horizontal drilling.

Celtique will work to gain better definition the structure and reservoir interval prior to evaluating the field with an appraisal well.

San Chirico Gas Resource (within Torrente Alvo)

The San Chirico gas resource is also located within Torrente Alvo and was discovered by the San Chirico 3 well in 1965, which recorded a maximum gas flow rate of 2.12mmcfd from from 15m of gas saturated Pliocene turbidite sands. Although a gas show was reported in the San Chirico 1, the interval was not flow tested in that well.

These Pliocene turbidite sands are located within the allochthonous thrust sheets that make up the Bradano foredeep and are located to the south and southeast of the Strombone Oil Field. These deposits are, by nature, discontinuous and the accumulation therefore represents a series of separate, stratigraphically trapped, gas saturated sandstone horizons.

The field was not developed or produced.

Italy Licence – Monte Negro

Celtique were notified of award in September 2008. The permit was awarded by decree on 6 October 2010 to Celtique Energie Spa.

Celtique operates with a 50% interest.

Licence Summary

Region	Licence	Licence Holder	Operator	Award Date	Size (sq.kms)
Bradano Basin	Torrente Alvo	Celtique SPA 50%	CE SPA	Oct 2010	84.34
Bradano Basin	Monte Negro	Celtique SPA 50%	CE SPA	Oct 2010	287.7

CE SPA = Celtique SPA

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