Business
Update re Fiume Bruna
Update re Fiume Bruna.
About this update from Nativo Resources Plc
[{"type":"text","content":"\n RNS Number : 9835C Independent Resources PLC 09 September 2008 \n \n\n\nIndependent Resources plc ('IRG' or the 'Company')\nUpdate re Fiume Bruna\n\nGovernment approval for testing on Italy's first coalbed methane project\n\nSeptember 9th, 2008: The Company is pleased to announce that the Italian Government has approved plans for production testing at the IRG-operated Fiume Bruna coalbed methane (CBM) project near the north-west coast, which is Italy's first CBM project. \n\nThe approval clears the way for IRG to start drilling within an agreed area and to acquire new seismic data. The seismic acquisition work is due to start within the next few weeks, ahead of drilling the first well and putting it on a long-term production test. \n\nResults from earlier seismic and appraisal work, including the drilling and coring of a stratigraphic borehole late in 2006, have produced an in-place resource estimate for Fiume Bruna of 170 billion cubic feet, with a recoverable resource of 92 billion cubic feet.\n\nIRG Executive Chairman Grayson Nash said: 'This project promises the development of a potentially very important energy resource in a market where there is a healthy growth in demand for gas and where existing indigenous gas production is falling rapidly.' \n\nIRG is working at Fiume Bruna alongside Norwest Questa Engineering, a leading US consultancy group with specialist CBM expertise. The main purpose of the planned production test is to determine gas production and any water flow rates from the coal in place. Rigs and service companies have been short-listed, and negotiations are at an advanced stage to finalise these contracts. A seismic acquisition and processing contractor has already been engaged.\n\nThis approval by Italy's Ministry of Economic Development finalises the permitting process of the exploration licence. \n\n\nFor further information contact:\n\nStephen Staley, Managing Director, Independent Resources plc: 01332 865 253\n &nbs...