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Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	PVE
Latest Price:	0.11 (4.76% )
52-week High:	0.24
52-week Low:	0.11
Market Cap:	12.23M

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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 granted drilling approval, secures rig contract for Vitalba gas well

Monday, April 18, 2011

North Italy-focused Po Valley Energy (ASX: PVE) has been granted the final approval for the drilling of Vitalba-1dirA well by the Italian energy authorities and has contracted the drilling rig required for the new well.

The deviated well is a critical step in the company’s plans to recommence production at the Castello gas field in Northern Italy.

Following a sudden pressure decline in the existing Castello well (Vitalba-1dir) in mid-2010, the gas field has been operating at limited production rates, specifically around 3,000 cubic metres per day.

The initial well location encountered an isolated gas reservoir and the company considers there is a good probability that commercial gas reserves can be accessed by a new well.

Giovanni Catalano, Po Valley Energy’s chief executive officer, said “the securing of the rig contract to drill the Vitalba1dirA well is a critical step in our plan to bring the Castello gas field back into full commercial production.

"Assuming drilling success the new Vitalba well will allow us to access the remaining Castello field’s gas reserves, providing an important increase in the Company production and cashflows."

The company is also bullish that that the validity of the Sant'Alberto and Cembalina projects will be further confirmed, in light of the quality of the seismic data acquired.

The Vitalba-1dirA well will be deviated from the current Castello gas plant location and connected to the existing production plant.

Production is expected to recommence towards the end of the third quarter 2011 subject to drilling success, or early in the fourth quarter if rig availability is slightly delayed.

Po Valley's signing of a drilling contract with LP Drilling Srl, secures the availability of their hydraulic drilling rig HH200. The rig is the same that was used to drill Bezzecca and Sillaro-2dir wells. The company plans to kick off the drilling operation immediately after rig HH200’s current obligations are fulfilled.

The company's 2D seismic acquisition campaign in the Sant’ Alberto and Podere Gallina permit areas north and northeast of Bologna was completed on schedule and on budget. The dataset has been forwarded to Geotrace Technologies Ltd in the United Kingdom for final processing.

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