'forget about their other stuff'Onshore Po Valley. 8M cash in...

'forget about their other stuff'

Onshore Po Valley. 8M cash in bank. Prospectus says 3M to drill one onshore hole. 8KM from 250million barrels oil and 175 BCF gas giant Villa Fortuna oil and gasfield - or 'home of good fortune.' ENI owned the Borsano permit when the area was under their monopoly before they joined the EU - which forced them to give it up. Seismic by ENI found a Villa Fortuna style shallow gas and deeper oil play, on south-western corner of the field - closest to VillaFortuna. Gas price here 14 dollars per thousand cubic feet.

Offshore Italy - the Lampedusa permit. Cairn Energy of FTSE 100 in the UK own the directly adjacent permit in which can be found the 200 million barrle M'Sela discovery. Independant geologist says potential for further 1.6 billion barrels in Cairn's adjacent permit - and that is just the southern portion over which seismic was shot.

Onwards and upwards.