Proactiveinvestors recommends

Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	PVE
Latest Price:	0.19 (5.56% )
52-week High:	0.30
52-week Low:	0.14
Market Cap:	21.12M

1 year chart

1 day chart

Po Valley Energy

Po Valley Energy (ASX: PVE) is a leading independent Oil and Gas enterprise that currently operates exclusively in northern Italy exploiting the large hydrocarbon system, and it is now a gas producer in the fast-growing Italian market.

All of the Po Valley Energy's fields are in very close proximity to the pipeline grid and major consumers in the north of Italy.

Po Valley Energy inches closer to gas production in Italy

Friday, May 01, 2009 by Proactive Investors

Po Valley Energy Ltd (ASX:PVE) has had its most successful quarter to date, with exploration and development success and expanding its portfolio of hydrocarbon assets in Italy.

The Company is on the verge of becoming a gas producer in the under-supplied Italian market as it brings its first fields into production – with additional fields brought on-stream. PVE is on track to connect its first production wells to Italy’s national pipeline grid during 2009.

Low production costs, easy connection to an extensive pipeline grid and the historically strong price for gas in Italy intersect to paint an attractive reward profile for PVE’s investors.

March Quarter Highlights

Sillaro and Castello fields

- Sales contracts valued in total at A$150 million, in place over three years
- Full regional approvals issued for Sillaro-2, Sillaro and Castello production installations
- Final approvals to drill Sillaro-2 – Drilling to commence late in June

Bezzecca field

- Bezzecca-1 successfully drilled and tested
- Combined 3.9 million cubic feet per day flow rate
- Evaluation of commercial development potential underway

New Exploration Licences

- Final award of Podere Gallina licence
- Preliminary award of Grattasasso licence
- Gradizza to proceed forward to drilling application

Market Conditions

Italian gas market (Euro-denominated) prices eased from €0.36 per cubic metre at end of December to €0.29 at 31 March.

Corporate

- Drawdown on €20 million Bank of Scotland facility at 31 March was €5.0 million
- Completed A$10 million capital raising
- Cash at bank at 31 March A$10.6 million

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.