Vancouver, British Columbia--(Newsfile Corp. - October 19, 2016) - Avanti Energy Inc. (TSXV: AVN) ("Avanti" or the "Company"), is pleased to provide a progress report on the Colle Santo gas field development permitting process.
The Company's application with the Ministry of Industry to convert the Colle Santo exploration permit into a production concession license was submitted on April 18, 2016, followed by a full Environmental Impact Assessment ("EIA") study submitted to the Ministry of Environment on June 28, 2016.
The Ministry of Environment, having authority to review and approve EIA studies relative to oil and gas development activities such as Colle Santo, is currently evaluating the Company's filing documents which include all three components of the development, namely: gas production, gas pipeline, and gas treatment. Review of the EIA is proceeding in accordance with standard operating protocol. Importantly, the public comment period expired at the end of August and the Company is currently completing its response to all comments. Of equal importance to the permit approval process, the mandatory 150 day EIA review period is set to expire at the end of November of this year. The Company will quickly respond to questions or comments arising from this review.
On a separate but related topic, Italy is set to vote on its constitutional reform referendum on December 4, 2016. While the outcome of the referendum does not have a direct bearing on the Company's production concession application at Colle Santo, it is generally believed that a "Yes" vote in December will have an overall positive impact on foreign investment in Italy and the operating environment for most industrial activities.
"We are greatly encouraged that the Company's efforts in submitting a responsive and logical development plan have been rewarded thus far. We are looking forward to successfully completing the EIA review process and moving ahead with the Colle Santo project in conjunction with all levels of government and all stakeholders," stated Karl Kottmeier, Company President and CEO.
Located in central Italy, the Colle Santo project is the largest undeveloped onshore gas field in Italy. Colle Santo contains 72.3 bcf of gross proven undeveloped conventional natural gas reserves and an incremental 12.0 bcf gross probable undeveloped conventional natural gas reserves, based on the April, 2016 report from Chapman Engineering in accordance with the COGE Handbook. The current proven and probable field limits cover 2451 acres and the reserves have been fully delineated by two existing new wells along with six older wells. The two existing new wells are currently capable of production in excess of 20 mmcf of gas per day.
As previously announced, Avanti has identified an extension to the Colle Santo field that has tremendous potential to expand the existing reserves. CMI is operator and, along with its partners, owns a 90% (net 33.3%) working interest in the project.
For more information regarding the Company please contact Kirk Gamley, corporate communications, at 604-689-7422. Please visit the Company's website www.avantienergy.com for a full corporate profile.
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