United Oil & Gas reports positive log results at Selva gas field, onshore Italy

DUBLIN -- United Oil & Gas Plc, the London Stock Exchange listed oil and gas exploration and development company, has announced positive log results from the drilling of the Podere Maiar 1 (PM1) well in Selva gas field in the Podere Gallina licence, onshore Italy.

PM1 was successfully drilled to a TD of 1,330 m TVD (1307 m TVDSS) ahead of schedule and on budget.

Downhole log results from Schlumberger confirm a gross gas pay of 53 m. The top of the reservoir was encountered at 1,245 m TVD (1,223 m TVDSS) some 12 m above the level of any previous production wells, including the nearby Selva 6 well.

The two main sand levels show high resistivity in the logs, indicating a thick gas-bearing reservoir.

United Oil & Gas (20%), and its joint venture partners Po Valley Energy (64%; operator) and Prospex Oil and Gas (17%) have agreed to proceed to case, perforate and complete the well and install downhole production equipment.

Well completion is targeted to be finished mid-December with flow-testing on a rigless basis planned for early January.