Well yeah that...But also the fact that the last quarterly...

Well yeah that...

But also the fact that the last quarterly explicitely states drilling will commence in the Po Valley in Q2 2008.

And that part of the website that you are referring to was written in March 2007, so 'this financial year' that they are referring to, has already passed.

And the drilling chart places the the drilling apparatus in the first third of the Q2 block - indicating the month of April. Any time soon. I hope it is a two well drilling program - I expect it will be. Why mobilize the rig and pay staff for only one well? They have the cash to burn through to wells. I hope one is a safer bet targeting shallow gas at around 2000 metres - about 7 days to drill, and the other a high risk high reward well targeting Villa Fortuna style oil at 6000 metres depth - this will probably take 35 to 40 days to drill. Should come to 5.5M AUD - although I expect it will be more like 7M.

An oil discovery here would be an absolute dream come true. The oil from Villa Fortuna is classed as light sweet 42 degree API crude oil so its easy to transport and process. The plant that treats oil from Villa Fortuna is obviously very near, moreover they are 3KM from Milan the industrial capital of Italy. Extremely low development costs associated with this project much like Tanzania - (gotta love Ken and Ted). And in terms of gas price there is absolutely no sign of it going lower than $14AUD in Italy given Russian powerhouse Gazprom's stranglehold over the gas market.

Anyone given any thought to the politics of this? If another war occured, the ex-Soviet satellites would have no choice but to join Russia - Gazprom provides 100% of the gas to all ex-satellites, and 50% to Italy and France. Imagine if they refused...Eastern Europe thrust back into the dark ages. Ouch.

SS.