Veneto Basin, Italy

Operations in Veneto, Italy

Italy Licence – Carità

The licence contains the Nervesa gas discovery and the depleted Arcade gas field. Celtique was notified of award in July 2008 and the formal issue of a Decree for a six year term is expected in late 2009.

Celtique operates with a 100% interest.

Nervesa Gas Field (within Carità)

The Nervesa Gas Field was discovered in 1985 by AGIP when the side-tracked Nervesa 1 well intersected a series of sands with multiple gas shows while drilling and recorded gas a flow rate of 3.4mmcfd. Nervesa 1 is the only well on the field.

The structure was re-mapped by AGIP following the acquisition of additional seismic in 1990. The resultant interpretation showed Nervesa to be a faulted anticline with approximately 3.0 km2 of fault-independent closure.

The reservoir sands are calc-arenites of Miocene (Tortonian) age and Nervesa 1 penetrated 16 individual reservoir horizons vertically segregated by grey argillaceous marls. Only one sand horizon out of the total of 16 was perforated and, after acidization, flow tested quality methane gas at a rate of 3.4mmcfd. This sand produced approximately 0.64bcf of gas before it was shut in due to water encroachment. The field remains un-developed.

Celtique’s programme for the Nervesa field is to gain better definition of the structure and reservoir units prior to evaluating the resource by either re-entering the Nervesa-1 well or drilling a new appraisal well on the structure.

Licence Summary

Region	Licence	Licence Holder	Operator	Award Date	Size (km²)
Veneto Basin	Carità	Celtique Energie Petroleum Ltd 100%	CEPL	Notified for award (awaiting Decree)	529
Celtique Energie Petroleum Ltd has been recommended for award of these licences by C.I.R.M. (the Hydrocarbons & Mining Resources Committee) and the Ministry of Economic Development through the Ufficio Nazionale Minerario per gli Idrocarburi e la Geotermia (U.N.M.I.G.), formal award of the exploration licences await approval from the Conference of Services, a summit of all concerned Public Bodies, the Regions, and a positive Environmental Impact Assessment (E.I.S.). When this is received final approval from the Ministers Council is required before the licence is formally awarded.

CEPL = Celtique Energie Petroleum Ltd

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