Veneto Basin, Italy

Operations in Veneto, Italy

Italy Licence – Carità

The licence contains the Nervesa gas discovery. Celtique was notified of award in July 2008 and the formal issue of a Decree for a six year term was granted in July 2010.

Celtique operates with a 50% 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 an aerial extent of approximately 5.5 sq.kms based on the lowest closing contour.

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 3.4 mmcfd. This sand produced approximately 0.64 bcf of gas before it was shut in due to water encroachment. The field remains undeveloped and is believed to have remaining reserves between 17 and 78 bcf.

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 (sq.kms)
Veneto Basin	Carità	Celtique SPA 50%	Appenine	Jul 2010	529

CE SPA= Celtique SPA

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