The Masseria Grottavecchia concession is located on the border between the regions of Molise and Puglia.
Geologically, the concession is situated in the Bradanic foredeep, a narrow basin confined at the west by the allochthonous Apenine massif and at the south by the Apulian platform.
Zenith acquired a 20% working interest in the Masseria Grottavecchia concession in 2013 and is the operator of the concession.
One well, called Traetta, was drilled in the license area in 1986. However, it has never been placed on production due to the lack of production transportation infrastructure.
A development programme has recently been submitted and is awaiting local government approval. The programme outlines plans for the installation of transportation infrastructure and the delivery of natural gas production to the SNAM pipeline.
The Traetta well has never been placed on production.
The most recent reserves assessment, carried out in December 2016, assessed proven (1P) reserves of approximately 0.79 BCF and proved and probable recoverable reserves (2P) of approximately 1 BCF.
|Location||Foggia Province, Puglia Region|
|Campobasso Province, Molise region|
|Expiry||2018 (10 year extension application submitted)|
|Working Interest||Canoel Italia S.R.L. (Operator)||20%|
|Gas Plus Italiana||58.25%|
|Reserves (2P)||1 BCF|