Company Update
April 2012 Successful Fund Raising
We initially planned to raise £500,000 through a subscription offer at 2.5 pence per share. The opportunity was over subscribed, and we had to disappoint would-be investors by closing at £750,000
The net amount raised will be used primarily to accelerate the company’s exploration programme in the ‘Calcio’ permit located in the Po Valley of northern Italy. This will include the purchase of seismic data from ENI the licence holder, and the subsequent detailed evaluation of both the deep gas/condensate accumulation at San Bartolomeo and the Gallignano shallow gas discovery
In addition, the proceeds will be used to increase the company’s new venture portfolio
Our Projects
We have two valuable appraisal and development projects in Italy
One is in the Po Valley, Northern Italy, and the other is onshore Sicily
Both have discovered petroleum accumulations within permit boundaries
The permit in the Po Valley is gas and condensate prone, whereas the permit in Sicily has a proven heavy oil accumulation and located close to the oil refinery at Gela