BRS Announces Application for Italian Production Concession

BRS Resources Ltd. (TSXV:BRS) reported in December 2013 that Po Valley Energy Ltd. completed rig-less well testing of its newly drilled Gradizza-1 discovery well. PVE and its farm-in partners, including AleAnna Resources, LLC, have agreed to apply for a Production Concession and plan to file the Production Concession Application in early February 2014. BRS holds an interest in the Gradizza Well through its ownership in AleAnna.
As quoted in the press release:

PVE initially drilled and tested the Gradizza Well in September 2013 and carried out additional tests in November 2013. The Gradizza Well is located on the top of the crest and intersects 33 ft (10 m) of net gas sand. No gas-water contact was detected. The Gradizza Well tested natural gas at a stabilized rate of approximately 700,000 cubic feet per day, with 500 psi flowing tubing pressure on a ¼-inch choke. No formation water, pressure decline or gas impurities were recovered during testing, and the bottom-hole pressure measured approximately 1,200 psi.
The Gradizza Well volumes estimates are reported in accordance with SPE/WPC/AAPG/SPEE Petroleum Resource Management System. Contingent Resources are indicated as those quantities of gas estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable due to one or more contingencies. There is no certainty that it will be commercially viable for PVE to produce any portion of the Contingent Resources.

Click here to read the BRS Resources Ltd. (TSXV:BRS) press release