The Montalbano concession is located in the province of Matera in the Basilicata Region.
The exploration permit is currently pending the submission and approval of a new exploration project for this concession.
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. The area is characterised by a strong sedimentary accumulation of the Plio-Pleistocene epoch up to a depth of 3000m. The overlaying lithology, comprised of shales and sandstones combined with the structural geometry, presents optimal conditions for the development of hydrocarbon deposits, where the shaly horizons play the dual role of source-rock and seal, and sandy levels become potential gas bearing reservoirs.
The concession area has been examined in the past by other companies. Historically, two wells have been drilled in the license area: Montesano 1 Dirwell, which tested gas in a sandy level of the Pleistocene called ‘S3’, and Timpa Rossa 1. Both wells did not achieve commercial natural gas production.
Zenith’s exploration project for this concession would include the drilling of a new well, ‘Fiume Cavone 1 Dir’, to achieve commercial production of natural gas in the sandy levels of the Pleistocene sedimentary accumulation.
The most recent reserves assessment assessed 3P reserves (proven, probable and possible) of 1.87 BCF.
|Location||Matera Province, Basilicata Region|
|Exploration permit expiry||Awaiting renewal of exploration permit since 2011|
|Status||Awaiting new exploration project to be approved my Government authorities|
|Working interest||Canoel Italia S.R.L. (Operator)||57.15%|
|Cygam Energy Italia||42.85%|
|Reserves (3P)||1.87 BCF|