Selva
Selva Project (63% PVE)
Podere Maiar (Selva) is an onshore natural gas field in the eastern part of the Po Plain, among the Ferarra and Bologna provinces, in the Emilia Romagna region. The exploration permit measures 506 sq km and within this permit the Selva Malvezzi production concession is 80.68 sq km.
Po Valley’s PM-1 well in the Selva Malvezzi production concession began production in July 2023. Po Valley has a processing plant and surface processing facilities and the 1km export pipeline to the SNAM grid. The surface facilities include skid-mounted separation and hydration units, fiscal metering, and produced water storage tanks. In addition, the development includes an allowance for compression in late field life. PVE will have 63% interest in the Selva Malvezzi Production Concession once 37% has been transferred to our Joint Venture partner.
The Selva Stratigraphic redevelopment represents a part of the former Eni-operated Selva gas field. Seismic and well data show the Selva Stratigraphic redevelopment to be an Upper Middle Pliocene onlap to a Lower Pliocene thrust-bounded anticline. Interpretation of seismic lines suggests the reservoir is also displaced by reactivated thrust splays which detach onto the main thrust fault.
Po Valley’s 2017 drilling program intersected two identified gas reservoirs, C1 and C2, in the Medium Upper Pliocene sands. The total net pay is 41m across C1 and C2. C1 has a flow rate of 129,658 scm/d (3/8" choke) and C2 has a flow rate of 148,136 scm/d (3/8" choke). The gas is 99.5% Biogenic Methane and has no hydrocarbon liquids, and as such will require minimal surface processing. The Reserves (2P, net attributable) are 8.4 Bcf. The Resources (2C, net attributable) are 8.9 Bcf and Resources (Best Prospective, net attributable) are 55.5 Bcf[1].
The Selva Malvezzi Production Concession, located within the Podere Maiar exploration licence, is among some of the largest gas discoveries in Northern Italy. The Podere Maiar 1 well has a relatively low Capex and is only 1km from the National grid.
PVE plans to produce at a maximum of 80,000scm/day solely from C2 sands and then switch to C1 sand[1]. Production levels will be monitored and managed carefully as an earlier than expected water breakthrough would have a major impact on the project and disrupt production significantly.
PVE has a history of dealing with high quality counterparts in the Italian energy market and expects this to continue as future production comes on stream.
In addition to the 3D Seismic survey enhancing prospects for success for the remaining exploration wells in the Selva block, particularly East Selva, which appears to have significant gas volumes. There is potential for the Selva Concession in relation to gas and CO2 storage opportunities. This could to be a substantial value add to the Company.
[1] CGG CPR (July 2022). Refer to ASX Announcement 26 July 2022
