The Borsano permit was scheduled to be drilled at the end of...

The Borsano permit was scheduled to be drilled at the end of 2007 / start of 2008, which then became Q2 2008 due to delays and is now simply delayed, with no firm time frame.

I would not expect an oil play in the coming programme. Gas in the Po Valley is located between 2000 to 2500 metres depth, whereas oil is located between 5000 to 6000 metres depth, so far greater risk going deeper i.e. costs, and technical obstacles. Gas plays < 15BCF in the Po Valley are generally considered 'very low risk' according to ENI anyway, whereas deeper oil plays are considered fairly high risk, even though the Borsano permit is only 8KM away from the 250mm barrels Villa Fortuna Trecate oilfield - the flow rates from which have been recorded at 8,000bopd from certain wells. Gas is excellent anyway, 14 dollars per mscf is an outstanding price!

Agip recently applied some new type of technology to the formation, the name of which I have forgotten, but it has resulted in production to date of 188 million barrels of a total 250 million, which clearly outdoes the standard '30% recovery' rule.

The permit is approximately 5KM from Esso's 'SARPOM' oil refinery - you can clearly see it on Google Earth. Type in 'Trecate, NO, Italy' into the search bar, and then look about 7KM to the right of the town of Trecate. It's those huge white circular objects, you can't miss it! And you can also see the rice paties which were recently destroyed by the blow out at Villa Fortuna which flooded 6KM squared of land with oil.

Yeah don't count on anything soon IMO, possible why the SS West acreage was acquired, because they envisage further delays. But wait around... there are guns working for Puma Petroleum alongside the Hardmen. Patience is KEY.