Stratic have finally got out of Italy, selling their 33.5% of Longanesi (neé Abbadesse) and some other bits and pieces to Enel for €34.3m, plus another €6.6m conditional on production starting by the end of 2011. A development plan for Longanesi was submitted earlier this year, they're waiting environmental permits. 44.5bcf net of 141bcf gross 2P reserves, one of their explo licences has three prospects in the 12-15bcf range, the other is more speculative. So not that different to NOP's onshore portfolio in character, although obviously NOP haven't got those 44.5bcf of booked reserves yet. But say that stake in Longanesi has sold for $7/boe-ish for undeveloped 2P reserves, by a slightly distressed seller - it gives an idea of what any discoveries made by NOP could be worth onshore Italy.

http://www.investegate.co.uk/Article.aspx?id=200911060700020...

Some people like to make a lot out of Stratic dropping Savio, but it was always obvious that the new management weren't that interested in Italy, and were in such financial difficulty that they could have done without the costs. This sale rather emphasises that point, as well as being a benchmark

As an aside, I see that Stratic had to pay €12.1m+VAT to get out of a previous marketing agreement that would have seen them selling gas considerably below market prices. Sort of thing that companies don't like to talk about, but worth tucking away for future reference, that.

In other news, Po Valley have finally hooked up Castello and are looking to start gas sales in the next few weeks :

http://www.asx.com.au/asxpdf/20091103/pdf/31ltsyw7k8xrw0.pdf...

Castello is only 6.3bcf discovered in 2005, they then took nearly 3 years to get an environmental permit and then another 8 months to get the concession, plus another 12 months to do the engineering. It's not just NOP who find things slow going in Italy!