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Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	PVE
Latest Price:	0.11 (0.00%)
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 Energy moves closer to flow test Vitalba-1dirA gas well in Italy

Tuesday, December 06, 2011 by Jeff Coote

Italian oil and gas producer Po Valley Energy (ASX: PVE) will case and complete its Vitalba-1DirA gas well, located 20 kilometres from Milan in Northern Italy, following evaluation of log results.

Po Valley drilled the well to a total measured depth of 1,730 metres (1,524 metres total vertical depth) and is aiming to increase gas production before year-end to further boost revenue growth and cash flow in 2012.

Interpretation of log runs identified one gas bearing zone in the primary target area of the Pliocene SAN A2 level.

The Pliocene SAN A2 sand shows a vertical pay of 4.2 metres above the gas water contact (GWC) from 1,441.9 metres vertical depth to the GWC at 1,446.1 metres vertical depth.

The company plans to carry out steps over the next week including liner running, perforation and completion with the aim of proceeding to flow test the well.

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.

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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