AVANTI’S SUBSIDIARY CMI SUBMITS COLLE SANTO DEVELOPMENT PERMIT APPLICATION

Tuesday April 19, 2016

AVANTI’S SUBSIDIARY CMI SUBMITS COLLE SANTO DEVELOPMENT PERMIT APPLICATION

 

Vancouver, British Columbia, April 19, 2016 Avanti Energy Inc. (TSXV: AVN) (“Avanti” or the “Company”) is pleased to announce that its Italian subsidiary CMI Energia S.p.A (“CMI”) has submitted its development plan to the Ministry of Economic Development for the Company’s Colle Santo block in onshore Central Italy.

 

CMI’s Managing Director, Mark Frascogna commented: “The formal submission of the development plan for Colle Santo represents a significant milestone in the evolution of the project and firmly places the company on a path to fully realizing the potential of this important asset.”

 

Over the past year CMI assembled a top notch team of Italian engineers to work on the project which included: pipeline, process, production, and environmental experts. CMI’s engineering team was led by its technical partner Olimar srl and included: TEA Ambiente, Ediltop, Dream, Libra Engineering, and TEA Sistemi. The new development plan presented by CMI focuses on moving the gas treatment plant away from the gas field in favor of an established industrial zone 21 km north.

 

 “The new development plan represents a significant body of work and substantial improvement to that submitted in 2011 by the former owner, Forest Oil. Avanti has taken the concerns of local and regional stakeholders firmly into consideration and incorporated them into this new, logical and financially compelling development plan.” 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 72.7 bcf of gross proven undeveloped and an incremental 12.0 bcf gross probable undeveloped gas reserves, based on the December 31, 2014 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. 

 

 

 

 

 

“Karl Kottmeier”                                                                                                                                       

President, CEO         

 

 

 

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.


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