Independent Resources Optimistic on Ribolla Basin
Independent Resources reports that farm-out discussions are underway following the completion of a three-month review and analysis of the technical data generated from the company’s unconventional gas acreage located near Grosseto, Italy.
The review by DeGolyer and MacNaughton has confirmed the potential of coal bed methane and shale gas plays in the Fiume Bruna and Casoni blocks which together cover the accessible area of the Ribolla Basin.
Original gas in place and gross prospective gas resources (mean estimates) for the main coal seam, together with associated low-grade coal and organic matter-rich shale are 15.2 and 4.5 billion cubic metres respectively.
The company said that based upon geochemical evaluation of rock samples conducted by Fugro Robertson, an additional and promising 40-50m thick organic rich section has been identified, which remains under assessment.
Independent says farm-out talks have started with a number of companies experienced in optimising development of analogous unconventional gas projects and who have expressed interest in the Ribolla opportunity.
Executive chairman Grayson Nash said: "I am delighted that this thorough and independent technical review has confirmed our view as to the potential of the Ribolla Basin.
"These numbers, it should be pointed out, take no account of the promising resource directly above the coal-shale complex that we hope to prove up by further exploration work, including drilling.
"We will now commence the process of seeking to monetise for shareholders our interests in both permits. We look forward to updating the market soon on this and other matters of interest."
Source: Independent Resources
More on Ribolla CBM and Shale Gas HERE