OIL FOUND IN ITALY
Well On Adriatic Seaboard
(N.Z. Press Association—Copyright) (Rec. 8 p.m.) LONDON, February 3. Discovery of the first major oil well in Italy was announced today by the Gulf Eastern Oil Company, a subsidiary of the giant American Gulf Oil combine.
The discovery marks the culmination of a 5,000,000 dollar oil quest in Sicily and Italy. It is estimated that the first production from the well will exceed the entire output of other Italian wells. It will be produced from an area of 25,000 acres in Cigno, about 15 miles from the Adriatic seaboard.
Announcing the discovery in London today, Mr W. C. Hamilton, chairman of Gulf Eastern, said it was the largest oil discovery yet made in Italy or Sicily. Production had not yet started, but preliminary tests showed that an inital output of 2000 barrels could be expected from a well 2300 feet deep.
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Press, Volume XCI, Issue 27576, 5 February 1955, Page 7
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149OIL FOUND IN ITALY Press, Volume XCI, Issue 27576, 5 February 1955, Page 7
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