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 drilling ahead at Vitalba1dirA gas well in Italy
Wednesday, November 09, 2011 by Jeff Coote
Italian oil and gas producer Po Valley Energy (ASX: PVE) has commenced drilling at the Vitalba1dirA well in the Cascina Castello concession, aiming to increase production before year-end to further boost revenue growth and cash flow in 2012.
Po Valley is planning to drill the well to a total depth of about 1,750 metres measured depth, which it expects to reach within 10 days.
The company had production from both its Castello and Sillaro gas fields in the first half of 2011, producing a total of 15.5 million cubic metres of gas.
Significantly, Po Valley delivered a maiden half year net profit of A$0.5 million (€367,010) - powered by the increased production and revenues from its gas fields in Northern Italy.
The Vitalba-1dirA well will be deviated from the current Castello plant location and connected to the existing Castello production plant.
Subject to drilling success at the Vitalba-1dirA well, the company plans to increase production from Castello, which produced 563 thousand cubic metres in the first half of the year.
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