Colle Santo for the newbies23 Aug 2024 08:23
Reabold owns a 26.1% equity interest in LNEnergy.
LNEnergy is a private, UK registered company with extensive industry experience in Italy.
LNEnergy’s primary asset is an exclusive option over a 90% interest in the onshore Colle Santo gas field in Abruzzo, Italy, discovered in 1966.
Colle Santo is the largest onshore proven undeveloped gas field in mainland Western Europe with 65Bcf of gross 2P reserves (RPS estimate, September 2022)
The project is development ready, subject to permits: two wells have already been drilled and no additional drilling is required
The project is a low risk, small scale LNG development concept, with first gas targeted for 2025
The increased investment in LNEnergy supports the development, engineering and approvals process prior to debt financing to bring the project to first gas.
Colle Santo has the potential to generate an estimated €11-12m of post-tax free cash flow per annum according to LNEnergy Management estimates, at 9 mmcf/d sales gas and €45/MWh.
The Colle Santo gas field – project overview
Colle Santo is a well-appraised field ready for development
Seven out of eight wells drilled have produced gas during testing
The field is covered by 2D seismic shot between the 1960s and 1980s, with good well control
Two wells (MP-1 and MP-2) have already been drilled and are ready for production. The wells have a combined test rate of 20.5 mmcf/d, and minimal geological risk.
The LNEnergy project page can be accessed through the following link: www.sviluppocollesanto.it
A Competent Persons Report (CPR) completed by RPS Energy Canada Ltd on the Colle Santo Gas Project can be found here.
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