shared news with investors today that it has received preliminary approval by the Italian government for their production concession application to develop the Selva Gas Field.
This important milestone puts Selva on schedule to begin seeing gas production, up to 150,000 cubic metres per day, starting in 2020.
The onshore Selva field, in which United holds a 20% interest, includes the formerly ENI operated Podere Maiar well, where a significant commercial gas discovery with strong flow rates was confirmed in January 2018.
Also involved in the field which historically produced 83 Bcf of gas between 1960 and 1984 is, with a 17% interest.
With Selva situated in the larger Po Valley region of Italy, a proven hydrocarbon region where over 5,000 wells have been drilled, United is confident this project will result in significant cash flow beginning in 2020.
As development and production plans ramp up, United will install a fully automated gas plant at the existing Selva/Podere Maiar-1d well site, with a one-kilometre long pipeline to the nearby Italian National Grid. Clearly, proximity to such an asset makes this project and region highly prospective.
Making the project all the more interesting, the company is now awaiting results from a 3D seismic programme to weigh whether additional wells can be drilled in the licence.
For more news and updates on United Oil & Gasand Prospex Oil and Gas
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