Po Valley Energy (PVE) has executed a farmin agreement with Petrorep Italiana for two onshore gas exploration licences located in the Po Valley in northern Italy.

As per the deal, Petrorep will earn a 15% interest in the upcoming work programme for the Cadelbosco di Sopra licence located between Modena and Parma, which entails drilling three exploration wells, Zini 1, Canolo 1D and Canolo 2D, for which the drilling approval process is in progress.

The option agreement also permits Petrorep to earn a 15% stake in another permit, La Prospera licence, located in the Po Valley.

The licence includes one exploration well, the Gradizza 1, which is currently at the final stage of the approval process for drilling.

Petrorep, in return, has a commitment to a promoted share of future drilling expenditures and reimbursement on past costs while PVE will retain the residual interest as well as operatorship.

Po Valley CEO Giovanni Catalano said the commencement of a joint venture partnership with Petrorep represents an important initiative for the company.

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"Active in Italy since 1968, Petrorep’s strategy is to participate in ventures through a minority interest, and it has consistently proven to be an asset to its partners from both a financial and technical standpoint," he added.

"The farm-in into these two licences by an experienced partner is an important first step in our stated development strategy, which aims to accelerate the short-term work programme by drilling low-risk assets with farm-in partners, allowing us to accelerate the movement of contingent resources into the proven category."