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Teodorico

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The 100%-owned Teodorico (AR94PY) licence is located off the east coast of Italy, approximately 30km southeast of Venice and 40km northeast of Ravenna in the shallow waters of the Adriatic Sea.  

This is a large field with a gas rate capacity of 300,000 scm/day. It received Environmental Approval in March 2021; however a Development Plan for Teodorico needs to be approved. Conceptully Teodorico could be developed with two wells with dual string completion. A proposed unmanned tripod well head with minimal topside facilities would be situated in 30m of water at the site. The platform conceptually would be tied back to and operated from an existing offshore platform 12km away at Naomi Pandora, which is owned and operated by Eni.

Teodorico gas conditioning, processing, and export onshore would happen from the Naomi Pandora platform. Gas would be piped to the Casalborsetti gas terminal using existing infrastructure. The Capex for this would be close to 67.2 million Euros in total, which would mean that the gas price would need to be above 10 Euro cents/scm to be economically viable. Currently, the gas price is multiple times this level. The Reserves (2P, attributable) are 37 Bcf, Resources (2C, attributable) 10.6 Bcf and Prospective (Best, attributable) are 15.9 Bcf

Teodorico contains two gas discoveries drilled and tested by the former operator Eni. Carola 1: a discovery well drilled in 1986 to 2,620 m and recorded flow rates of 62,000 scm/day (1/4” choke), and Irma 1: a discovery well drilled in 1988 to 2,572 m and recorded flow rates of 131,000 scm/day (5/16” choke). At current prices, these flow rates would generate substantial revenues. The production forecasts would produce peak production per annum of 96.7 MMscm.
 The Company is reviewing several options with Teodorico. It is a large asset that should be assessed as to the possibility of preparing it for the issue of a Production Concession and then exploring opportunities for Joint Venture or divestment. PVE will explore these avenues to determine the optimal outcomes for shareholders.