PVE has done well to let the market know, in advance, of the problems with the Castello well.
The great news is that the gas bearing levels perforated in Vitalba-1dir were separate and not linked to Agnadello-1. If that had been the case then it would have been significant.
The MAIN point being, that the results from evaluations indicate that the original gas attic reserves of Agnadello-1 remain in place and have not yet been accessed or produced from in the Vitalba-1dir well. New reservoir and geological interpretation work completed by the University of Turin (Dedicated Reservoir Engineering And Management) concluded that:
The Vitalba-1dir gas bearing sands are distinct and hydraulically separated from the original Agnadello-1 production levels
An unforseen cost of 2.5M for a new well is really the only downside of this situation. The 2P reserves will still be quite adequate, and will simply be reconnected back up to the grid.
This IS A GOOD BUYING OPPORTUNITY!
E.
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