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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

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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 focuses on Italian gas plant during quarter

Friday, January 22, 2010

Emerging gas and oil company Po Valley Energy (ASX:PVE) has updated the market on key activities during the quarter, including achieving its first gas production from the Castello gas plant in Italy.

A milestone for the Company, which puts into production the first new hydro-carbon production plant in northern Italy’s Po Valley region since the end of the county’s energy monopoly by ENI-AGIP, in 1998.

The Company remains on track to commence commissioning its second gas production field, Sillaro, which is proceeding close to development schedule.

Bezzecca was also successfully drilled and tested on three gas bearing levels earlier in 2009. A development evaluation is underway.

Castello plant production operation commenced on 17th December 2009 after receiving final approval from the Ministry of Economic Development on safety documen-tation. Production in 2009 was 630,000 cubic metres.

Shares in the company increased 0.5c to $1.62 during the morning trade.

Meanwhile, commissioning is scheduled at Sillaro for February, while the production plant is 87% complete although extreme cold weather conditions in Northern Europe is causing some delay to site activities.

The Bezzecca development plan options is under consideration and the Sant’Alberto/ San Vincenzo seismic is planned in Q1 2010.

Po Valley also plans to drill 3-4 wells over the next 18 months. Environmental approval is in place for Fantuzza, with drilling planned for mid 2010.

Expressions of interest for Fantuzza farm-in have been received and plans for Gradizza, Cembalina and Correggio are progressing.

Geological/geophysical work is underway on the Grattasasso and Cadelbosco di Sopra licences.

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