Proactiveinvestors Australia Po Valley Energy Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Po Valley Energy Ltd RSS feed en Thu, 20 Jun 2019 13:51:50 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Po Valley Energy directors support oil and gas strategy with on-market purchases ]]> https://www.proactiveinvestors.com.au/companies/news/221682/po-valley-energy-directors-support-oil-and-gas-strategy-with-on-market-purchases-221682.html Po Valley Energy Limited (ASX:PVE) directors have shown their faith in the company’s oil & gas strategy centred on northern Italy by purchasing shares on-market.

Non-executive director Kevin Bailey purchased 8 million shares on June 5 in an on-market transaction valued at $304,000.

He now holds more than 143 million shares in direct and indirect interests.

Chairman Michael Masterman outlaid $53,200 in an on-market purchase on June 5 for 1.4 million shares and now holds more than 163 million shares in direct and indirect interests.

READ: Po Valley Energy directors increase stake by participating in share placement

Both directors along with Dr Byron Pirola also participated in the company’s recent private placement which raised a total of $1.2 million.

Bailey and Pirola acquired shares worth $100,000 each while Masterman acquired shares worth $224,000.

READ: Po Valley Energy aims to bring Selva gas field into first production next year

The company aims to bring the Selva Malvezzi gas field in Italy into first production next year with a preliminary production concession granted and environmental approval documentation submitted.

A maiden 2P gas reserve of 13.3 billion cubic feet (bcf) for the onshore project in the country's north was declared earlier in the year.

Onshore development of Selva is the initial priority in a strategy focused on four assets, with the others being offshore Adriatic gas development at Teodorico, large-scale gas condensate exploration licence at Torro del Moro and the expanded Ravizza and Bagnolo oil reservoirs.

Under the first phase of the development plan at Selva, Po Valley will install a fully automated gas plant at the existing Selva/Podere Maiar 1dir well site and install a 1-kilometre long pipeline to connect the well with the nearby Italian National Gas Grid.

Based on dynamic reservoir studies, the field development is designed to produce at a rate of up to 150,000 cubic metres a day from the successfully tested C1 and C2 production levels in the medium-upper Pliocene sands of the Porto Garibaldi formation.

READ: Po Valley Energy mulling dual listing on AIM

Earlier this week Po Valley announced that it is in the preliminary stages of exploring the merits of a potential dual listing on the AIM market of the London Stock Exchange with advisers appointed.

The objective in undertaking a potential dual listing would be to enhance liquidity for the company’s shareholders and provide direct access to investors in the London market.

Masterman said: “The London market is more knowledgeable and focused on European gas and energy assets and we expect a dual listing could result in greater market liquidity for Po Valley shareholders.”

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Fri, 07 Jun 2019 09:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221682/po-valley-energy-directors-support-oil-and-gas-strategy-with-on-market-purchases-221682.html
<![CDATA[News - Po Valley Energy mulling dual listing on AIM ]]> https://www.proactiveinvestors.com.au/companies/news/221429/po-valley-energy-mulling-dual-listing-on-aim-221429.html Po Valley Energy Ltd (ASX:PVE) is in the preliminary stages of exploring the merits of a potential dual listing on the AIM market of the London Stock Exchange.

The objective in undertaking a potential dual listing would be to enhance liquidity for the company’s shareholders and provide direct access to investors in the London market.

Po Valley’s CEO Michael Masterman said: “The London market is more knowledgeable and focused on European gas and energy assets and we expect a dual listing could result in greater market liquidity for Po Valley shareholders.”

READ: Po Valley Energy directors increase stake by participating in share placement

Po Valley recently raised $1.2 million through a two-tranche share placement priced at 4.2 cents.

The company aims to bring the Selva Malvezzi gas field in Italy into first production next year with a preliminary production concession granted and environmental approval documentation submitted.

A maiden 2P gas reserve of 13.3 billion cubic feet (bcf) for the onshore project in the country's north was declared earlier in the year.

Proactive caught up with the company in early May 2019 for an update.

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Tue, 04 Jun 2019 12:06:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221429/po-valley-energy-mulling-dual-listing-on-aim-221429.html
<![CDATA[News - Po Valley Energy directors increase stake by participating in share placement ]]> https://www.proactiveinvestors.com.au/companies/news/221006/po-valley-energy-directors-increase-stake-by-participating-in-share-placement-221006.html Po Valley Energy Ltd (ASX:PVE) directors Kevin Bailey, Dr Byron Pirola and Michael Masterman have increased their stake in the company via the second tranche of a private placement announced on December 19, 2018.

READ: Po Valley Energy concludes second tranche of $1.2 million private placement

Bailey and Dr Pirola both acquired shares worth $100,000 each while Masterman acquired shares worth $224,000.

Po Valley had raised about $776,00 from the first tranche in December 2018. The company has now raised a total of about $1.2 million from both the tranches combined.

READ: Po Valley Energy aims to bring Selva gas field into first production next year

The company aims to bring the Selva Malvezzi gas field in Italy into first production next year with a preliminary production concession granted and environmental approval documentation submitted.

A maiden 2P gas reserve of 13.3 billion cubic feet (bcf) for the onshore project in the country's north was declared earlier in the year.

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Tue, 28 May 2019 15:38:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221006/po-valley-energy-directors-increase-stake-by-participating-in-share-placement-221006.html
<![CDATA[News - Po Valley Energy concludes second tranche of $1.2 million private placement ]]> https://www.proactiveinvestors.com.au/companies/news/220975/po-valley-energy-concludes-second-tranche-of-12-million-private-placement-220975.html Po Valley Energy Ltd (ASX:PVE) has issued 10,095,237 shares at an issue price of 4.2 cents per share to raise $423,000.

These shares were issued under the second tranche of a private placement announced on December 19, 2018 and approved by shareholders at an extraordinary general meeting held on April 30, 2019.

Po Valley had raised about $776,00 from the first tranche in December 2018. The company has now raised a total of about $1.2 million from both the tranches combined.

READ: Po Valley Energy aims to bring Selva gas field into first production next year

The company aims to bring the Selva Malvezzi gas field in Italy into first production next year with a preliminary production concession granted and environmental approval documentation submitted.

A maiden 2P gas reserve of 13.3 billion cubic feet (bcf) for the onshore project in the country's north was declared earlier in the year.

 

Throughout the March quarter new contingent resources in the Selva North and South Flank of 14.1bcf (2C) were added and with the benefit of the Podere Maiar well and seismic data, the chance of success at East Selva has been increased.

A new large prospective resource for the Riccardina structure was also added taking this field’s total prospective resources to 91.5bcf.

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Mon, 27 May 2019 16:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220975/po-valley-energy-concludes-second-tranche-of-12-million-private-placement-220975.html
<![CDATA[News - Po Valley Energy holds gas assets in Italy at Selva and Teodorico ]]> https://www.proactiveinvestors.com.au/companies/news/219949/po-valley-energy-holds-gas-assets-in-italy-at-selva-and-teodorico-219949.html Po Valley Energy Limited (ASX:PVE) is a Western Australian oil & gas exploration and development company with hydrocarbon assets in northern Italy. The company owns and operates several gas treatment plants.

The Perth company is led by executive chairman Michael Masterman who also leads W Resources PLC (LON:WRES) as its chairman.

Masterman previously headed up iron ore leader Fortescue Metals Group Limited’s venture FMG Iron Bridge as its chief executive officer. Prior to joining Po Valley, he was also an executive director and chief financial officer of Glencore PLC (LON:GLEN) (JSE:GLN) (OTCMKTS:GLCNF) (OTCMKTS:GLNCY) buy-up Minara Resources Limited (ASX:MRE), back when it was known as Anaconda Nickel Ltd (ASX:ANL).

What does Po Valley Energy own?

A key asset is the Podere Gallina (P.Gallina) licence at the Selva Malvezzi onshore gas field in northern Italy.

The company wants to put the field into production next year after reporting a maiden 2P gas reserve of 13.3 billion cubic feet (bcf) for the project this year.

Selva would required an estimated capital expenditure (capex) of $4.7 million to contribute annual earnings before interest, tax, depreciation and amortisation (EBITDA) of about $6.4 million.

Po Valley wouold hope to advance the gas fields into through a targeted incremental production increase of 111 million cubic metres in its first year of production.

The company has preliminary production concession and has submitted environmental approval documentation, with more documentation to follow.

P.Gallina’s area was licensed 11 years ago and extends over 331 square kilometres in the eastern part of the Po Plain.

The field is south of Po Delta, among the Ferrara and Bologna provinces, in Italy’s Emilia Romagna region.

During the March quarter of 2019 the company added new contingent resources in the Selva North and South Flank of 14.1 bcf (2C).

Po Valley believes its resource addition increased its chance of success at East Selva after the company’s Podere Maiar well and seismic data was used in the resource estimate.

A large prospective resource for the Riccardina structure was also added in the March quarter, taking the field’s prospective resources to 91.5 bcf.

The company plans to install a fully automated gas plant at the existing Selva/Podere Maiar 1dir well site.

It also hopes to install a 1-kilometre pipeline to connect the well to the Italian National Gas Grid which is located nearby to the project.

The field development plan envisages daily production of up to 150,000 cubic metres from the already tested C1 and C2 production levels in the medium-upper Pliocene sands of Porto Garibaldi formation.

Another Italian Po Valley project, Teodorico — which has the formal name of d40 PY AC or d40A.C-.PY — is located offshore of Emilia Romagna region in the Adriatic sea and has primary environmental approval.

Po Valley would hope to progress to 28 million cubic metres per year in the offshore field's first year of production.

A capex of about $82 million would fund a yearly EBITDA of about $31 million for Teodorico.

The company said in its annual report for 2018, published last month, that achieving first gas for Selva and Teodorico fields remained its primary priority.

A ministry-requested water treatment plan for Teodorico is being prepared for government, with Po Valley currently following an environmental impact assessment (EIA) pathway with a goal of securing full environmental approval in the September quarter of 2019.

Two other assets are the large-scale gas condensate exploration licence at Torro del Moro and the expanded Ravizza and Bagnolo oil reservoirs.

Torre del Moro oil condensate prospect’s maiden prospective resource was 106 million barrels recoverable from original oil-in-place (OOIP) of 312 million barrels.

A large and structurally closed faulted ramp anticline was a feature at the Torre del Moro prospect and was reportedly similar geologically to the Villafortuna oil field discovery, also in northern Italy.

The company views Torre Del Moro as having further potential upside with a prospective oil target of 150-250 million barrels of oil equivalent.

Inflection points

Conclusion of company evaluation of funding alternativeness for ongoing and planned activities

Finalisation of quarterly budget following approval of $424,000 placement at April 30 meeting

Additional funding milestones and capital raising successes

Gas treatment plant revenues, profits and developments

Continued resource statement updates and reserve definition activity

Future Italian Selva Malvezzi onshore field development studies and plans and investment decision making milestones

Early revenues from first gas at Selva field and ramp-up to targeted levels

Teodorico project advancement and generation of revenue for the company

Final investment decisions and first gas and revenues for offshore Teodorico field

Significant transactions, partnerships, project acquisitions or developments

Po Valley Energy chairman Michael Masterman flags upgrades for Selva licence

“We announced good results and a very significant upgrade on Selva — our onshore low-cost high-rate-of-resource gasfield development outside of Bologna in northern Italy,” Po Valley Energy chairman Michael Masterman noted last week when speaking to Proactive Investors.

“We declared 13 million billion cubic feet of reserves on that field earlier this year and what we were able to announce on Friday (April 26, 2019) was from zero to 14.1 bcf of contingent resources in the north and south plank of Selva.

“That’s low-risk gas that we can add into the Selva production profile quickly.

“We also, after some very, very good and very systematic evaluation, announced an additional 90 bcf of speculative resources, all of which is in this one production licence.”

 

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Thu, 09 May 2019 18:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219949/po-valley-energy-holds-gas-assets-in-italy-at-selva-and-teodorico-219949.html
<![CDATA[News - Po Valley Energy aims to bring Selva gas field into first production next year ]]> https://www.proactiveinvestors.com.au/companies/news/219618/po-valley-energy-aims-to-bring-selva-gas-field-into-first-production-next-year-219618.html Po Valley Energy Limited (ASX:PVE) aims to bring the Selva Malvezzi gas field in Italy into first production next year with a preliminary production concession granted and environmental approval documentation submitted.

A maiden 2P gas reserve of 13.3 billion cubic feet (bcf) for the onshore project in the country's north was declared earlier in the year. 

Throughout the March quarter new contingent resources in the Selva North and South Flank of 14.1bcf (2C) were added and with the benefit of the Podere Maiar well and seismic data, the chance of success at East Selva has been increased.

A new large prospective resource for the Riccardina structure was also added taking this field’s total prospective resources to 91.5bcf.

Po Valley chief executive officer Michael Masterman said: “This has been a robust opening to calendar 2019, with significant inventory and approvals process gains across our gas and oil assets in northern Italy.

“A key milestone was the award of the preliminary production concession for Selva – this maintains our momentum to have this field into first production next year.

“The new resource estimates have provided a richer platform on which to now progress our work on these reservoirs to more commercial standing and certainty to deliver Po Valley a pipeline of emerging production assets in northern Italy over the medium term.”

READ: Po Valley Energy intends to supply gas to large Italian market

Under the first phase of the development plan Po Valley will install a fully automated gas plant at the existing Selva/Podere Maiar 1dir well site and install a 1-kilometre long pipeline to connect the well with the nearby Italian National Gas Grid.

Based on dynamic reservoir studies, the field development is designed to produce at a rate of up to 150,000 cubic metres a day from the successfully tested C1 and C2 production levels in the medium-upper Pliocene sands of the Porto Garibaldi formation.

READ: Po Valley posts milestone maiden gas reserves for Selva Malvezzi field in Italy

In the March quarter, the company’s offshore project Teodorico was granted primary environmental approval and additional requests from the Ministry for specific plans in relation to water treatment are under preparation.

Po Valley hopes to complete the environmental impact assessment (EIA) process and obtain full environmental approval in the third quarter of 2019.

The PVE team reported a maiden prospective resource of 106 million barrels recoverable from an Original Oil-in-Place (OOIP) of 312 million barrels since the end of the first quarter at the Torre del Moro oil condensate prospect.

This evaluation highlighted a large and structurally closed faulted ramp anticline feature geologically similar to the discovered Villafortuna oil field in northern Italy.

Further work is underway to de-risk this large-scale exploration project.

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Fri, 03 May 2019 10:14:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219618/po-valley-energy-aims-to-bring-selva-gas-field-into-first-production-next-year-219618.html
<![CDATA[Media files - Po Valley Energy upgrades Selva onshore gas resources and adds two oil plays to portfolio ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13188/po-valley-energy-upgrades-selva-onshore-gas-resources-and-adds-two-oil-plays-to-portfolio-13188.html Thu, 02 May 2019 00:25:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13188/po-valley-energy-upgrades-selva-onshore-gas-resources-and-adds-two-oil-plays-to-portfolio-13188.html <![CDATA[News - Po Valley Energy intends supplying gas to large Italian market ]]> https://www.proactiveinvestors.com.au/companies/news/216352/po-valley-energy-intends-supplying-gas-to-large-italian-market-216352.html Po Valley Energy Limited (ASX:PVE) is progressing towards supplying in-demand natural gas to the large Italian market through development of three projects in the country’s north.

CEO Michael Masterman informed investors at this week’s Proactive CEO Sessions in Sydney and Melbourne that only 10% of Italy’s natural gas demand is met by local supplies.

With a market twice the size of Australia’s, he said the shortage was resulting in high prices and in 2018 these surged more than 50%.

Development path of assets

Masterman said the company had a market cap of $25 million and an individual valuation of around $75 million but had a development path of assets which each had a value of around $100 million.

The onshore Selva Malvezzi field near Bologna is the most advanced and with estimated capex of $4.7 million, has potential to results in annual EBITDA of around $6.4 million.

Teodorico in gas producing region

Teodorico is an offshore project in the middle of Italy’s most prolific gas producing regions with the added benefit of being in shallow water and close to processing facilities.

The CEO said for an estimated capex of $82 million, Teodorico had potential for annual EBITDA of $31 million.

Po Valley’s third potential project, Torre Del Moro, provides further potential upside with a prospective oil target of 150-250 mmboe.

Why invest?

Masterman told investors that there are four strong reasons for investing in Po Valley:

Highly economic projects; Market dynamics; Large-scale potential; and Strong resource upside. READ: Po Valley Energy posts milestone maiden gas reserves for Selva Malvezzi field in Italy

The company recently posted maiden gas reserves of 13.3 billion cubic feet at Selva Malvezzi field.

This equates to 8.38 billion cubic feet of net 2P reserves attributable to the company’s 63% ownership.

The maiden reserve estimate was prepared by France-based geophysical services consultancy CGG from previously reported gross contingent resources and includes results from new drilling on the field last year.

First gas expected in 2020

At the time Masterman said: “We are totally focused on progressing Selva toward first gas in 2020 at a gross rate of up to 150,000 cubic metres per day.

“At this rate, Selva will be generating significant cash flow for Po Valley with longer-term upside from the licence’s additional prospectivity.”

Earlier this year, the Italian Government granted the Selva field a preliminary award for the Production Concession and Selva remains on course to begin first production in 2020.

Selva is 63%-owned by Po Valley. The remainder is owned 20% by United Oil & Gas PLC and 17% by Prospex Oil & Gas.

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Wed, 13 Mar 2019 18:38:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216352/po-valley-energy-intends-supplying-gas-to-large-italian-market-216352.html
<![CDATA[News - Po Valley Energy posts milestone maiden gas reserves for Selva Malvezzi field in Italy ]]> https://www.proactiveinvestors.com.au/companies/news/214221/po-valley-energy-posts-milestone-maiden-gas-reserves-for-selva-malvezzi-field-in-italy-214221.html Po Valley Energy Limited (ASX:PVE) has posted maiden gas reserves of 13.3 billion cubic feet at the onshore Selva Malvezzi field, northeast of Bologna in Italy.

This equates to 8.38 billion cubic feet of net 2P reserves attributable to the company’s 63% ownership.

The maiden reserve estimate was prepared by France-based geophysical services consultancy CGG from previously reported gross contingent resources and includes results from new drilling on the field last year.

“Welcome step forward”

Po Valley CEO Michael Masterman said: “The release of its reserve estimate is a welcome step forward after positive flow testing of the Podere Maiar 1 well from two targeted reservoirs.

“As well as Selva, there is additional prospectivity within both the Selva Malvezzi production concession including the East Selva, Fondo Perino, Selva South Flank and Riccardina structures, and in the Podere Gallina Exploration licence with the Cembalina prospect.

“The filed partners plan to acquire 3D seismic data over these additional structures later this year which will inform further development drilling activity in the production concession.”

READ: Po Valley Energy’s first gas production well at Italian field gains preliminary approval

Masterman said the maiden reserve announcement demonstrated the considerable progress made by the partners in de-risking the field and advancing it towards production.

“We are totally focused on progressing Selva toward first gas in 2020 at a gross rate of up to 150,000 cubic metres per day.

“At this rate, Selva will be generating significant cash flow for Po Valley with longer-term upside from the licence’s additional prospectivity.”

He also said that the robust reserve estimated reinforced the company’s strategy of securing exposure to the surging Italian domestic gas market where prices throughout 2018 rose more than 50%.

Last month, the Italian Government granted the Selva field a preliminary award for the Production Concession and Selva remains on course to begin first production in 2020.

Selva is 63%-owned by Po Valley. The remainder is owned 20% by United Oil & Gas PLC and 17% by Prospex Oil & Gas.

“Italy continues to have to import more than 90% of its gas consumption so new domestic contributors such as Selva build shareholder value and help deliver Italy’s push to use natural gas as a critical transition fuel towards a low carbon economy and with negligible environmental impacts,” Masterman added.

- Jessica Cummins

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Thu, 07 Feb 2019 19:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214221/po-valley-energy-posts-milestone-maiden-gas-reserves-for-selva-malvezzi-field-in-italy-214221.html
<![CDATA[News - Po Valley Energy’s first gas production well at Italian field gains preliminary approval ]]> https://www.proactiveinvestors.com.au/companies/news/212554/po-valley-energys-first-gas-production-well-at-italian-field-gains-preliminary-approval-212554.html Po Valley Energy Limited (ASX:PVE) has been granted preliminary approval for its first planned gas production well at the onshore Selva Malvezzi field, northeast of Bologna in northern Italy.

Preliminary approval has been granted by the Italian Government and the company is targeting final Selva production approvals by the first half of next year.

It aims to complete the well and field connection pipe work with first gas targeted by late 2020.

“Key regulatory milestone”

Po Valley Energy’s chief executive officer Michael Masterman said: “The preliminary award of the Selva production licence is a key and major regulatory milestone in advancing our Selva project towards production.

“Receipt of the preliminary award furthers our strategy of securing exposure to the surging Italian domestic gas market where prices over 2018 rose more than 50% to about 30 euro per cubic metre (US$9.60/mcf).”

Selva is 63% owned by Po Valley, 20% by United Oil & Gas Plc and 17% by Prospex Oil & Gas.

Po Valley's licences in northern Italy

 

Once operational the company is targeting daily production of up to 5.3 mmscf from the C1 and C2 sand levels.

Methane content of 99.1%

Given its scale and proximity to the national gas grid, the development plan for Selva includes installation of an automated gas plant at the Podere Maiar 1dir well site, and a 1-kilometre connection to the grid.

The well has generated very high-quality gas, with methane content of 99.1% that is expected to further minimise processing costs.

“Critical transition fuel”

Masterman said: “Italy continues to have to import more than 90% of its gas consumption so new domestic contributors such as Selva build shareholder value and help deliver Italy’s push to use natural gas as a critical transition fuel towards a low carbon economy and with negligible environmental impacts.”

 

A previous Po Valley drilling program intersected two identified gas reservoirs, C1 and C2, with subsequent good flow rates and a 2C resource of 17 Bcf.

Subject to successful 3D seismic results from the upcoming program, additional wells may be drilled across the Selva gas field and nearby prospects in the exploration concession.

- Jessica Cummins

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Tue, 15 Jan 2019 01:19:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212554/po-valley-energys-first-gas-production-well-at-italian-field-gains-preliminary-approval-212554.html
<![CDATA[Media files - Po Valley Energy streamlines Italian exploration assets, posts strong half-year profits ]]> https://www.proactiveinvestors.com.au/companies/stocktube/10536/po-valley-energy-streamlines-italian-exploration-assets-posts-strong-half-year-profits-10536.html Wed, 19 Sep 2018 21:39:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/10536/po-valley-energy-streamlines-italian-exploration-assets-posts-strong-half-year-profits-10536.html <![CDATA[News - Po Valley Energy chairman to outline Italian oil and gas strategy at Proactive CEO Sessions ]]> https://www.proactiveinvestors.com.au/companies/news/202538/po-valley-energy-chairman-to-outline-italian-oil-and-gas-strategy-at-proactive-ceo-sessions-202538.html Po Valley Energy Limited (ASX:PVE) chairman Michael Masterman will update investors on the company’s Italian oil and gas strategy when he presents at this month’s Proactive CEO Sessions.

The popular luncheon events are on in Sydney on Monday, August 20, and in Melbourne on Tuesday, August 21, and there are still seats available.

Po Valley is an emerging oil & gas exploration and development company with an expanding portfolio of hydrocarbon assets in northern Italy.

Production concession application submitted

Its primary focus is on the Selva Malvezzi gas field which it is seeking to advance to full commercial production.

The company has submitted a production concession application to Italian officials after confirming a gas discovery at the Podere Maiar 1dir well.

 

Masterman said recently: “One of the great things about Italian gas, particularly in Northern Italy, is the gas price is very high, and the gas fields are almost rock throwing distance from the production wells.

“If you take Selva, we’ve successfully drilled the well, all the production equipment is downhole on the well.

“To develop this field we need to add a small gas plant of a cost of about 2.5 million on top of the production well.

“And then we just need to run a1000-metre pipeline to connect with the Italian National Grid.

“So we’re getting the full wholesale price of gas in Italy - which is very high - at the wellhead, and we move from exploration to production at a very low cost.”

Teodorico progress

The chairman will also explain progress on the Teodorico offshore gas field, for which it is targeting environmental approval by the end of 2018.

Register today to find out more.

Sydney details, Monday, August 20, 2018

Melbourne details, Tuesday, August 21, 2018

Or call John Phillips on (02) 9280 0700

The Proactive CEO Sessions will feature five presenting companies in total.

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Thu, 09 Aug 2018 12:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202538/po-valley-energy-chairman-to-outline-italian-oil-and-gas-strategy-at-proactive-ceo-sessions-202538.html
<![CDATA[Media files - Po Valley Energy submits 'exceptionally strong' production concession application ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9400/po-valley-energy-submits-exceptionally-strong-production-concession-application-9400.html Wed, 30 May 2018 19:45:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9400/po-valley-energy-submits-exceptionally-strong-production-concession-application-9400.html <![CDATA[Media files - Po Valley Energy emerges from transformation with new focus ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9163/po-valley-energy-emerges-from-transformation-with-new-focus-9163.html Mon, 30 Apr 2018 17:16:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9163/po-valley-energy-emerges-from-transformation-with-new-focus-9163.html <![CDATA[News - Po Valley Energy surges on commercial gas discovery ]]> https://www.proactiveinvestors.com.au/companies/news/190276/po-valley-energy-surges-on-commercial-gas-discovery-190276.html Po Valley Energy Limited (ASX:PVE) surged 175% to $0.11 after confirming a commercial gas discovery at its new Selva field in northern Italy.

The discovery saw shares skyrocket after closing at $0.04 on Thursday with Po Valley a major ASX mover.

Strong gas flows have resulted from successful flow testing of the recently drilled Podere Maiar 1dir exploration well on the Selva gas field.

Po Valley owns 63% of licence

The field is within the Podere Gallina exploration licence of which Po Valley owns 63% and is the operator.

Other owners are United Oil & Gas Plc with 20% and Prospex Oil & Gas Plc with 17%.

Two reservoirs intersected

The drill program intersected two identified gas reservoirs, C1 and C2, in the Medium-Upper Pliocene sands of the Porto Garibaldi Formation.

The thickest level C2 reported a peak flow rate of 148,136 scm/day on a 3/8 inch choke and a pressure differential of 11 bar with no water production.

Pressure recovery to formation pressure occurred in 2 minutes.

Strong flow rates

The higher level C1 also reported strong flow test results with a peak flow rate of 129,658 scm/day on a 3/8 inch choke with good pressure recovery of about 12 minutes.

Strong flow rates from two levels, 99.1% methane gas content and the well’s proximity to the Italian national gas grid pipeline connection, make it a commercial discovery.

Po Valley will prepare and submit a production concession application to the Italian Ministry in the first half of 2018.

Results will be analysed

Log and well test results will be analysed during the current quarter with Po Valley expecting to provide revised contingent resource and reserve estimates in the June quarter of 2018.

The Podere Gallina licence measures 331 square kilometres.

It is in the eastern part of Po Plain, south of the Po Delta, among the Ferrara and Bologna provinces, in Emilia Romagna Region.

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Fri, 19 Jan 2018 13:37:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190276/po-valley-energy-surges-on-commercial-gas-discovery-190276.html
<![CDATA[News - Po Valley Energy commencing gas production from Bezzecca well ]]> https://www.proactiveinvestors.com.au/companies/news/177768/po-valley-energy-commencing-gas-production-from-bezzecca-well-177768.html Po Valley Energy (ASX:PVE) is starting commercial gas production from the Bezzecca well east of Milan in Italy, following the testing of the primary production layers.

The company is planning to start production at 20,000-25,000 cubic meters per day up to the end of June, with production levels increasing to 30,000-35,000 from early July.

The Bezzecca gas field is within the prolific gas producing Po Valley region in northern Italy.

Gas from the now-producing Bezzecca 1 well is processed at the Vitalba processing plant and directly connected to the national grid.

Po Valley’s Italian subsidiary Saffron Energy (LON:SRON) recently extended its offtake contract with Shell Energy Italia to supply natural gas from Saffron’s Italian gas fields.

Saffron has been supplying Shell Energy Italia with natural gas for the last four years.

The new contract has been extended to October 2018, with an option to extend it for a further year to October 2019.

Po Valley had spun out its northern Italian gas assets to Saffron Energy by listing it on the London Stock Exchange Alternative Investment Market (LSE AIM).

Po Valley had a cash balance of $1.63 million as at 31 March 2017. Subsequently, it raised $1.18 million from a private placement in April.

The company’s share price increased circa 30% in the past one month, last trading at $0.03.

 

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Mon, 15 May 2017 16:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/177768/po-valley-energy-commencing-gas-production-from-bezzecca-well-177768.html
<![CDATA[News - Po Valley Energy subsidiary extends gas supply contract with Shell ]]> https://www.proactiveinvestors.com.au/companies/news/174862/po-valley-energy-subsidiary-extends-gas-supply-contract-with-shell-174862.html Po Valley Energy’s (ASX:PVE) Italian subsidiary Saffron Energy (LON:SRON) has extended its offtake contract with Shell Energy Italia to supply natural gas from Saffron’s Italian gas fields.

Po Valley had spun out its northern Italian gas assets to Saffron Energy by listing it on the London Stock Exchange Alternative Investment Market (LSE AIM) last month.

Saffron’s portfolio includes one gas production (Sillaro) and two near-term gas production fields (Bezzecca and Sant'Alberto) near Milan and Bologna.

Saffron has already been supplying Shell Energy Italia with natural gas for the last four years.

The new contract has been extended to October 2018, with an option to extend it for a further year to October 2019.

The Italian gas market is considered a premium pricing market compared with other international markets, with the spot price now trading at around €0.1944 per cubic metre.

The market is attractive due to the high-quality gas produced, a low-cost transportation network and a pricing environment that is more stable compared to other European countries.

Italian spot gas prices have risen significantly over the last 12 months from €0.14 per cubic metre to around €0.20 per cubic metre.

Selling gas in the Italian gas market allows Saffron to take advantage of the premium prices and use Shell’s extensive gas supply network throughout Italy.

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Wed, 15 Mar 2017 12:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174862/po-valley-energy-subsidiary-extends-gas-supply-contract-with-shell-174862.html
<![CDATA[News - Po Valley Energy eyes London Stock Exchange sub-market listing ]]> https://www.proactiveinvestors.com.au/companies/news/171282/po-valley-energy-eyes-london-stock-exchange-sub-market-listing-171282.html Po Valley is an Italy based oil and gas exploration, development and production company with interests in Northern Italy.

The company is planning to undertake an IPO in the UK and list its natural gas production assets – Sillaro, Bezzecca, and Sant’Alberto on the LSE AIM.

Bezzecca was successfully financed in July 2016 and is on schedule to start production in early 2017.

The funds raised from the IPO would be intended to meet development expenses for the Sant’Alberto gas field and general working capital.

Preparation for the UK IPO is underway, with brokers and advisors appointed and documentation advanced.

The listing of Po Valley’s Italian gas production assets on the LSE AIM has the potential to lead to an upgraded market valuation of these assets.

With Bezzecca joining Sillaro in production in early 2017 and Sant’Alberto following later in the year, this package of gas production assets can potentially generate strong returns and cashflows.

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Mon, 09 Jan 2017 07:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/171282/po-valley-energy-eyes-london-stock-exchange-sub-market-listing-171282.html
<![CDATA[News - Po Valley Energy to update on debt refinancing ]]> https://www.proactiveinvestors.com.au/companies/news/161112/-po-valley-energy-to-update-on-debt-refinancing--66569.html Italian gas producer Po Valley Energy (ASX:PVE) will provide detail on progress of negotiations with primary lender, Nedbank Limited to convert its current reserve-based loan to a fixed loan facility with monthly repayment instalments.

The company has requested a trading halt until 18 January 2015.

Po Valley generated €1.6 million in revenues from operations for the nine months to 30 September 2015.

Production at Sillaro had improved since the reduction in gas produced the June 2015 half year and was running at approximately 35,000 sm2 per day.

Po Valley was operating at a small positive cashflow on a monthly basis. At 30 June 2015 the Company had cash at bank of €815,000.

The company said it expected to report improved results in upcoming months in light of the increase in production from the Sillaro field, the development of the Bezzecca well and refinancing of debt.


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Thu, 14 Jan 2016 11:48:00 +1100 https://www.proactiveinvestors.com.au/companies/news/161112/-po-valley-energy-to-update-on-debt-refinancing--66569.html
<![CDATA[News - Po Valley Energy CEO to step down ]]> https://www.proactiveinvestors.com.au/companies/news/161111/po-valley-energy-ceo-to-step-down-46607.html Italy-focused Po Valley Energy's (PVE:ASX) CEO Giovanni Catalano has stepped down from that position today.

Catalano, has worked under a consultancy agreement since October 2010, will also resign as a director but will continue to work for up to three months to ensure a smooth transition to other members of management during this period.

Sara Edmonson, currently the Company’s chief financial officer, will assume the role of Acting CEO upon Catalano’s departure.

Chairman Graham Bradley, said “Giovanni has worked hard over the past 2.5 years to advance the company’s interests and operations in a difficult regulatory and political environment in Italy.

"We are grateful for his accomplishments, which include building a capable team in Rome, farming out interests in the forthcoming Gradizza-1 exploration well, negotiating a new reserve based lending facility with NedBank to secure future funding and advancing the company’s attractive portfolio of future exploration assets."

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Mon, 12 Aug 2013 11:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/161111/po-valley-energy-ceo-to-step-down-46607.html
<![CDATA[News - Po Valley Energy awarded new gas exploration licence in northern Italy ]]> https://www.proactiveinvestors.com.au/companies/news/161110/po-valley-energy-awarded-new-gas-exploration-licence-in-northern-italy-44196.html Po Valley Energy (ASX: PVE) has been awarded a new gas exploration licence in the Bologna and Ravenna provinces in northern Italy.

Notably, the 90 square kilometre Tozzona licence lies on the eastern border of Eni’s gas production licence containing the Santerno gas field that has produced about 35 billion cubic feet of gas to date.

The main gas targets are Mio-Pliocene reservoirs within structural traps.

Initial work program for the six year licence includes the purchase of a semi-regional grid of 2D seismic lines from the former operator of the area, Eni.

“Tozzona represents another prospective addition to the Company’s exploration portfolio. Now that we have secured the licence, we will commence geological and geophysical studies aimed at evaluating already identified opportunities in similar settings to the Santerno gas field,” managing director Giovanni Catalano said.

Po Valley is currently waiting on final approval from Italy’s Ministry of Economic Development (UNMIG) to restart production from the main producing level at its Sillaro gas field, where gas production will be boosted to 2.4 million cubic feet per day, up from the average production of 1.7MMcfd it recorded from the field in the March 2013 quarter.

It has identified a new low risk gas prospect at the Podere Gallina licence, where the Selva gas field produced 83 Bcf from 15 wells over a 35-year period and has found a new prospect in the Cascina Castello production concession, which is estimated to hold a 2C prospective resource of 2.4 Bcf of gas.

Revenue for the March quarter was €1.6 million (A$2.1 million). Cash at bank at the end of the quarter amounted to €1.32 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 06 Jun 2013 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/161110/po-valley-energy-awarded-new-gas-exploration-licence-in-northern-italy-44196.html
<![CDATA[News - Po Valley Energy secures preliminary award of Italian onshore oil and gas permit ]]> https://www.proactiveinvestors.com.au/companies/news/161109/po-valley-energy-secures-preliminary-award-of-italian-onshore-oil-and-gas-permit-31766.html Po Valley (ASX: PVE) continues to expand up its Italian offshore acreage as it moves to accelerate exploration to support its profitable operations at Sillaro and Castello.

The 111 square kilometre Torre del Moro preliminary exploration permit is located in Emilia-Romagna adjacent to the company’s 100% owned Terra del Sole exploration permit and 55 kilometres southeast of Bologna.

The area contains large structures with similarities to the Villafortuna-Trecate oil field in the Western Po Valley, which has produced 220 million barrels of oil and associated gas to date, and nearby Pliocene gas fields.

“This project increases the Company’s exploration targets in an attractive area adjacent to our Terra del Sole permit,” managing director Giovanni Catalano said.

“It will allow the Company to fully evaluate structures within the two contiguous blocks and will help progress potentially attractive leads to drillable status.”

Po Valley is required to submit the necessary environmental impact study to secure final award of the permit.

This will then be followed by geological and geophysical studies to fully evaluate a number of leads already identified. Should this return positive results, it will then move to drill an exploration well.

The new offshore licence adds to the AR94PY permit that was awarded to the company last week.

AR94PY – previously AR168PY – contains the Carola and Irma gas discoveries that have been independently audited to hold best estimate (2C) Contingent Resources of 24.8 billion cubic feet.

Accelerated exploration

Po Valley had in June signed up experienced French oil and gas company Petrorep as a partner in the Cadelbosco di Sopra licence.

Petrorep is earning a 15% stake in the Cadelbosco di Sopra licence by paying a promoted share of future drilling, including the upcoming three-well exploration drilling program, and reimbursement of past costs and also has an option to acquire a 15% stake in Po Valley's 100% owned La Prospera licence where the drilling approval process for the Gradizza-1 exploration well is in its final stages.

Any gas discoveries in Cadelbosco di Sopra and La Prospera will find a ready market in Italy, which is the third largest European market after the UK and Germany.

Analysis

The preliminary award of Torre del Moro builds up Po Valley’s exploration position at a time when Italian gas prices are rising, with the company’s realised gas prices rising by 24% over the year to A$13.11 per thousand cubic feet.

Po Valley’s acceleration of Cadelbosco di Sopra exploration provides a near-term opportunity to build up the company’s cash flow while the Torre del Moro permit provides a further pipeline of exploration prospects to build on.

The company’s position has also improved with operating cost improvements and an increase in cash in bank by 100% 2011 to A$2.4 million as at 31 December 2011.

Earnings before interest, taxes, depreciation, and amortisation for the first half of 2012 are expected to be over €2 million, which could facilitate a reduction in debt in the second half.

 

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Fri, 27 Jul 2012 10:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/161109/po-valley-energy-secures-preliminary-award-of-italian-onshore-oil-and-gas-permit-31766.html
<![CDATA[News - Po Valley Energy makes new appointments to its board ]]> https://www.proactiveinvestors.com.au/companies/news/161108/po-valley-energy-makes-new-appointments-to-its-board-30265.html Po Valley Energy (ASX: PVE) has made a number of appointments to its board including the appointment of its chief executive officer Giovanni Catalano as its managing director.

It also appointed former HGL LIMITED (ASX: HNG) chief executive Kevin Eley as a non-executive director.

Eley headed HGL for 25 years until his retirement in 2011. He has a management and investment experience in a broad range of industries including, manufacturing, mining, retail and financial services.

He also has extensive experience in directing early stage companies and public company governance.

Elley will also bring his knowledge as a Chartered Accountant and a Fellow of the Financial Services Institute of Australasia to Po Valley’s Audit & Risk Committee.

He is currently a non-executive director of HGL, Kresta Holdings Limited (ASX:KRS), Milton Corporation Limited (ASX:MLT) and Equity Trustees Limited (ASX:EQT).

Giovanni Catalano has been Po Valley’s chief executive since late 2010 and has been a director of its wholly owned Italian subsidiary NorthSun Italia since that time.

He has over 30 years’ experience in oil and gas exploration and development.

Catalano was previously the chief executive officer of Mediterranean Oil & Gas after serving as Woodside Energy’s (ASX:WPL) Business Development Manager Far East and North Africa.

Prior to Woodside, he was posted worldwide with AGIP and LASMO International.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Tue, 19 Jun 2012 09:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/161108/po-valley-energy-makes-new-appointments-to-its-board-30265.html
<![CDATA[News - Po Valley doubles contingent resources in Italy, commits to unlocking potential ]]> https://www.proactiveinvestors.com.au/companies/news/161107/po-valley-doubles-contingent-resources-in-italy-commits-to-unlocking-potential-27711.html Po Valley Energy (ASX: PVE) has more than doubled its best estimate (2C) contingent resources to 44.1 billion cubic feet (Bcf) of gas from 2010 due to upgraded estimates of its newer prospects in Italy.

The estimate by independent experts Fugro Robertson also estimated the Bagnolo and Ravizza onshore discoveries held 2C contingent resources of 10 million barrels of oil.

However, proved and probable reserves were down to 8.9Bcf of gas from 11.8Bcf in 2010 due in part to the 1Bcf of gas produced in 2011 and the expected decrease in reserves at the Castello field.

The company said it was committed to unlocking its upside potential through the rigorous application of exploration and production industry best practice.

The onshore Canolo and Zini prospects as well as the offshore Carola and Irma prospects were largely responsible for the increase in contingent resources.

Po Valley had previously completed drilling planning for Canolo and Zini and had said it was close to finalising environmental studies.

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Tue, 17 Apr 2012 10:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/161107/po-valley-doubles-contingent-resources-in-italy-commits-to-unlocking-potential-27711.html
<![CDATA[News - Po Valley Energy keeping Castello flow in Italy stable, installing condensate equipment at Sillaro ]]> https://www.proactiveinvestors.com.au/companies/news/161106/po-valley-energy-keeping-castello-flow-in-italy-stable-installing-condensate-equipment-at-sillaro-25942.html Po Valley Energy (ASX:PVE) is producing gas at a stabilised rate of 600,000 cubic feet per day from its Vitalba1dirA well at its Castello field in northern Italy.

Production from the field started in December 2009 but experienced faster than expected decline in wellhead pressures in April 2010 that resulted in production dropping to a trickle.

The decision was then made to drill Vitalba1dirA to access the remaining attic gas at the field, which are estimated at about 3.6 billion cubic feet of gas (proved and probable).

Po Valley is also installing condensate processing equipment at its Sillaro-1 well at the Sillaro field before it reopens level PL2 C1+C2, which is believed to be the source of condensate production.

Condensates had started flowing at increasing rates with colder winter temperatures and had led the company to stop production for four days to remove excess condensate and shut-in the PL2 C1+C2 level.

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Fri, 02 Mar 2012 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/161106/po-valley-energy-keeping-castello-flow-in-italy-stable-installing-condensate-equipment-at-sillaro-25942.html
<![CDATA[News - Po Valley Energy moves closer to flow test Vitalba-1dirA gas well in Italy ]]> https://www.proactiveinvestors.com.au/companies/news/161105/po-valley-energy-moves-closer-to-flow-test-vitalba-1dira-gas-well-in-italy-23065.html 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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Tue, 06 Dec 2011 09:34:00 +1100 https://www.proactiveinvestors.com.au/companies/news/161105/po-valley-energy-moves-closer-to-flow-test-vitalba-1dira-gas-well-in-italy-23065.html
<![CDATA[News - Po Valley Energy drilling ahead at Vitalba1dirA gas well in Italy ]]> https://www.proactiveinvestors.com.au/companies/news/161104/po-valley-energy-drilling-ahead-at-vitalba1dira-gas-well-in-italy-21797.html 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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Wed, 09 Nov 2011 10:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/161104/po-valley-energy-drilling-ahead-at-vitalba1dira-gas-well-in-italy-21797.html
<![CDATA[News - Po Valley Energy nails maiden profit in turnaround from gas production ]]> https://www.proactiveinvestors.com.au/companies/news/161103/po-valley-energy-nails-maiden-profit-in-turnaround-from-gas-production--19291.html Italian oil and gas producer and explorer Po Valley Energy (ASX: PVE) has achieved a sizeable feat delivering a maiden half year net profit of A$0.5 million (€367,010) - powered by increased production and revenues from its gas fields in Northern Italy.

Key metrics for the half year:

Revenue: €4.35 million (AUD 5.9m), previously €2.59 million (AUD 3.5m)
EBITDA: €2.26m (AUD 3.0m)
Net profit: €0.37 million (AUD 0.5m)
Cash and cash equivalents: €1.6m (AUD 2.2m), previously €1.0m (AUD 1.3m)

The Vitalba development well is on schedule, and the Sillaro gas field reserves have been confirmed.

The company has initiated a search for farm-out partners for a selected number of the company's assets, and has appointed Moyes & Co. as a global energy advisor.

Giovanni Catalano, chief executive officer, commented "In addition to the significant increase in production revenues, our exploration and development programs are also progressing.

"We start drilling our Vitalba-1dirA well in coming weeks and, if successful, we plan to restart production from the Castello before year-end to further boost revenue growth and cash flow in 2012."

Operating Review

During the half year, Po Valley had production from both the company's Castello and Sillaro gas fields and produced a total of 15.5 million cubic metres of gas.

Production continues from the Castello well at a low rate ahead of drilling the new Vitalba-1dirA well.

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

The company said subject to drilling success, production is planned to increase in the second half of 2011.

The development plan was modified to incorporate the new well and submitted to the responsible Italian regulatory authorities, with the final authorisation issued in the 1st Quarter of 2011.

In the interim, Vitalba- 1 dir has been operating at limited rates and is currently producing at approximately 3,000 cubic metres per day.

Production from Castello during the half year amounted to 563 thousand cubic metres.

Sillaro produced 14.9 million cubic meters during the first six months of 2011 averaging approximately 83,000 cubic metres per day in accordance with the contracted gas rates for the 2010 – 2011 Gas Thermal Year.

As planned, Sillaro production was stopped for 3 days to record bottom hole pressure readings.

The results are encouraging with confirmation of the previously estimated reserves if not slightly higher.

Po Valley now plans to wait for the next run of pressure readings in about a year’s time before reviewing the reserve estimates.

 

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Tue, 06 Sep 2011 09:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/161103/po-valley-energy-nails-maiden-profit-in-turnaround-from-gas-production--19291.html
<![CDATA[News - Po Valley Energy gas production from Italian fields boosts first quarter revenues ]]> https://www.proactiveinvestors.com.au/companies/news/161102/po-valley-energy-gas-production-from-italian-fields-boosts-first-quarter-revenues-15491.html North Italy-focused Po Valley Energy (ASX: PVE) has had a strong start to 2011 with stable gas production of 85,000 cubic metres per day providing solid revenue generation during the first quarter.

The company entered into its first gas thermal year on 1 October 2010 that runs through to 30 September 2011. Revenue for the first quarter was about €2.2 million (A$3.1m), an increase of 8% compared to the fourth quarter 2010 due to a slightly higher gas price.

The 2011 March quarter production amounted to 7.78 million cubic metres (275 million cubic feet), with Sillaro field contributing 7.50 million cubic metres (265 million cubic feet) and Castello field 280 thousand cubic metres (10 million cubic feet).

Giovanni Catalano, chief executive officer, said “the steady production performance of PVE’s fields has continued and the gas production from one of the three producing strings at Sillaro field has exceeded our performance expectations.

"The company has achieved additional improvements related to operating efficiencies, namely the operating netback for the Sillaro field which has reached 90%,” he added.

Gas prices during the March quarter increased slightly to an average of €0.31 per cubic metre (USD11.86 per thousand cubic feet).

Po Valley`s total gas production amounts to 34.56 million cubic metres (1.2 billion cubic feet) in which the Sillaro field contributed 25.99 million cubic metres (918 million cubic feet), while Castello field contributed 8.56 million cubic metres (302 million cubic feet).

Sillaro production averaged 83,200 cubic metres/day (2.9 million cubic feet/day) during the quarter with stable plant and reservoir pressure performance.

The company stated "the amount of gas originally estimated for the short string E of Sillaro 2dir well has already reached the total predicted recoverable volume nonetheless it is still producing at operating rates."

Po Valley is planning a bottom hole pressure test in July 2011 in order to better evaluate the potential upside reserves of the field.

During the quarter Castello was still producing at limited rates. The 4Vitalba-1dirA well will be deviated from the current Castello plant location and connected to the existing Castello plant to recommence production.

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Thu, 14 Apr 2011 09:17:00 +1000 https://www.proactiveinvestors.com.au/companies/news/161102/po-valley-energy-gas-production-from-italian-fields-boosts-first-quarter-revenues-15491.html
<![CDATA[News - Po Valley celebrates maiden production of one million cubic metres of gas in Italy ]]> https://www.proactiveinvestors.com.au/companies/news/14564/po-valley-celebrates-maiden-production-of-one-million-cubic-metres-of-gas-in-italy--17689.html Italy–resource focused Po Valley Energy (ASX: PVE) has celebrated another key milestone with the maiden production of one million cubic metres of gas in Italy.

The company's new 100%-owned Castello gas plant east of Milan is currently outputting at 50,000 cubic metres of gas per day, with the volume scheduled to be incrementally increased to around 70,000 cubic metres over the next two months as the plant moves to post commissioning operations.

The company marked the occasian with a formal plant inauguration ceremony, led by Australia’s Ambassador to Italy Amanda Vanstone Vanstone.

Po Valley’s Chief Executive Michael Masterman said the company was strengthening its reputation in Italy's gas market.

“The one million cubic metres maiden production milestone, and the strengthening production profile going forward for full year 2010, are now welcome reward for a vision we set in place almost five years ago,” Mr Masterman said.

“The inauguration of the Castello plant represents the first new hydrocarbon production plant in northern Italy’s Po Valley region since the end in 1998 of the country’s energy monopoly by ENI-AGIP and the liberalisation of the Italian gas market.

“We are now strongly positioned to add to our production, appraisal and development schedule in northern Italy with our second production field – the also wholly owned Sillaro field east of Bologna – which is on track to commence commissioning from mid February.”

The additional flows from Sillaro are expected to double the saleable gas volumes for the new Australian producer, which operates in Italy through its subsidiary in Northsun Italia Spa.

The Castello plant commenced production early last month, marking a successful four year transition to a producing asset from the drilling of the first well, Vitalba-1d – in 2005. The high quality natural gas output from the Castello field is sourced from hydrocarbon structures at depths of around 1,500 metres.

Mr Masterman said the company was proud to be a pioneer in delivering new sources of secure domestic supplies to the Italian gas market - which was still largely dependent on imported gas – and becoming a new actor in Italy’s production of national energy resources.

 As well as Ms Vandstone, senior personnel from Italy’s Ministry of Economic Development and a delegation of local authorities, including the Major of Rivolta d’Adda town and the President of Cremona Province, also attended the ceremony.

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Wed, 13 Jan 2010 08:03:00 +1100 https://www.proactiveinvestors.com.au/companies/news/14564/po-valley-celebrates-maiden-production-of-one-million-cubic-metres-of-gas-in-italy--17689.html
<![CDATA[News - Po Valley Energy closes SPP, raising A$2m ]]> https://www.proactiveinvestors.com.au/companies/news/161101/po-valley-energy-closes-spp-raising-a2m-3343.html Po Valley Energy (ASX: PVE) today announced the successful completion of its Share Purchase Plan (“SPP”) which closed at 5pm AEST on 12 November 2009.

Po Valley received 179 Applications from Eligible Shareholders for 1,283,768 ordinary shares at an issue price of A$1.55, raising a total of A$1.99million.

The issue price under the SPP is the same as that paid by professional and sophisticated investors in the Company’s recent oversubscribed A$8.5million share placement.

Michael Masterman, CEO, said “I would like to thank our shareholders for their continued support of Po Valley in the lead up to our first production, with nearly one third of our shareholders participating in the SPP.

The Company has now raised approximately A$10.5million through the recent private placement. 

New shares subscribed for under the SPP are expected to be allotted on November 18, 2009. Following the SPP, the Company will have a total of 110,179,926 ordinary shares on issue.

The Company is currently commissioning its Castello gas field east of Milan in northern Italy and will commission its Sillaro field east of Bologna also in northern Italy, from January next year. Both fields are 100%-owned by Po Valley.

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Wed, 18 Nov 2009 07:32:00 +1100 https://www.proactiveinvestors.com.au/companies/news/161101/po-valley-energy-closes-spp-raising-a2m-3343.html
<![CDATA[News - Po Valley Energy shares up 13c as commissioning of first gas field in Italy kicks off ]]> https://www.proactiveinvestors.com.au/companies/news/161100/po-valley-energy-shares-up-13c-as-commissioning-of-first-gas-field-in-italy-kicks-off-2947.html Shares in Po Valley Energy (ASX: PVE) spiked on news the company had commenced the commissioning schedule on the first gas field to be brought into production in northern Italy.

Today’s news sent Po Valley’s shares up 13c, or 8.4 per cent, to $1.68 at 11.11am.

Po Valley chief executive Michael Masterman, said the company commenced the pre-production schedule this week at the Castello field, east of Milan.

“This is a milestone for the company and follows a successful civil and mechanical works program on site since July which was completed ahead of the scheduled four months to allow commissioning to commence this week,” Mr Masterman said.

“The key checkpoints over coming weeks will be on the field’s pressure vessels, a trial gas flow run and health and safety checks on the integrity of the surface plant.”

Po Valley operates exclusively in northern Italy exploiting the large hydrocarbon system, and it is on the verge of becoming a significant gas producer in the fast-growing and under-supplied Italian market as it brings its first fields into production. 

The Perth-based company anticipated Ministry approvals and first gas for commercial gas sales to be introduced into the pipeline in mid to late November.

Po Valley’s second planned production contributor, the Sillaro field east of Bologna, is expected to commence commissioning work from January next year.

The majority of prefabricated equipment is now on site at Sillaro and mechanical assembly of the production plant will commence shortly.

 

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Wed, 21 Oct 2009 08:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/161100/po-valley-energy-shares-up-13c-as-commissioning-of-first-gas-field-in-italy-kicks-off-2947.html
<![CDATA[News - Po Valley Energy to raise $2m under share purchase plan ]]> https://www.proactiveinvestors.com.au/companies/news/161099/po-valley-energy-to-raise-2m-under-share-purchase-plan-2859.html Po Valley Energy (ASX: PVE) will offer shareholders a Share Purchase Plan (SPP) offer, at an issue price of $1.55 per share.

This is at the same price as the recently completed share placement to sophisticated investors.

Eligible Shareholders can subscribe for A$5,000, A$10,000 or A$15,000 of new ordinary shares.  The company aims to raise up to A$2 million under the SPP.

Funds raised by the SPP will be used for general working capital and expansion options.

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Wed, 14 Oct 2009 08:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/161099/po-valley-energy-to-raise-2m-under-share-purchase-plan-2859.html
<![CDATA[News - Po Valley Energy raises $8.5m, gas production to commence in Italy ]]> https://www.proactiveinvestors.com.au/companies/news/161098/po-valley-energy-raises-85m-gas-production-to-commence-in-italy-2708.html Near term Italian gas producer Po Valley Energy (ASX: PVE) has raised $8.5 million in a placement to sophisticated investors at $1.55 per share.

Last sale price was $1.55.  The placement issued 5.5 million shares to professional investors and was oversubscribed.  A share purchase plan (SPP) will be offered to shareholders at the same issue price.

Michael Masterman chief executive officer of Po Valley said “this is a prudent measure by us to strengthen our balance sheet and working capital position prior to commencing in October commissioning at the Castello gas field.”

Commissioning will commence in October of production from Po Valley’s Castello gas field east of Milan in northern Italy and its Sillaro field east of Bologna also in northern Italy, from January next year.

Both fields are 100%-owned by Po Valley. The oversubscribed placement was completed by Sydney-based Petra Capital.

Masterman said “the placement will also provide greater flexibility to pursue expansion options.”

The placement at A$1.55 per share – representing a 3% discount to the Company’s closing price of A$1.60 per share on the ASX on 25 September 2009.

The placement will take the number of Po Valley ordinary shares on issue to 108.9 million shares.

 

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Wed, 30 Sep 2009 07:08:00 +1000 https://www.proactiveinvestors.com.au/companies/news/161098/po-valley-energy-raises-85m-gas-production-to-commence-in-italy-2708.html
<![CDATA[News - Po Valley Energy gets loan maturity extension ]]> https://www.proactiveinvestors.com.au/companies/news/161097/po-valley-energy-gets-loan-maturity-extension--2636.html Perth-headquartered Po Valley Energy (ASX:PVE) has arranged to extend the maturity date on its Bank of Scotland senior finance facility out to November 2013.

Funds from the facility are currently being pumped into the surface plant installation works on the Sillaro and Castello gas fields east of Bologna and east of Milan, respectively, in Italy.

Drawings on the facility are currently €6.7 million with an interest rate of about 3.5%. The interest margin over EURLIBOR is set to drop to 1.8% after Sillaro and Castello are commissioned.

First gas production is expected to commence in November 2009 from Castello and in early 2010 from Sillaro.

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Wed, 23 Sep 2009 10:32:00 +1000 https://www.proactiveinvestors.com.au/companies/news/161097/po-valley-energy-gets-loan-maturity-extension--2636.html
<![CDATA[News - Po Valley Energy reports log results, confirms gas pay zones in Sillaro#1 well ]]> https://www.proactiveinvestors.com.au/companies/news/161096/po-valley-energy-reports-log-results-confirms-gas-pay-zones-in-sillaro1-well-2099.html Leading independent Italian gas developer, Po Valley Energy (ASX: PVE) has completed drilling of the Sillaro#2 production well, to its target depth of 2,364 metres.

Logs of Sillaro #2 well have been run and analysis has confirmed the main pay zones in the Sillaro#1 production well, are across a gross interval of 140 metres from 2,180m to 2,320m. The two wells are laterally 500m apart at target depth.

Po Valley currently operates exclusively in northern Italy.

PVE is on the verge of becoming a significant gas producer in the fast-growing and under-supplied Italian market as it brings its first fields into production - with more to come.

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

Interestingly, log analysis has suggested a number of additional pay zones which were not previously tested in the Pliocene PL2A, -B, and -C zones successfully tested in Sillaro#1.

Po Valley’s Chief Executive Officer, Mr Michael Masterman, said today “the well will be cased and downhole production equipment will be installed the next two weeks”.

The C0 pay zone over a gross interval of 18 metres, which sits below C2/C1, appears to comprise a gas-bearing thin bedded sand sequence and will be completed for testing.

In addition, the logs highlight three possible attractive shallower targets at 1550m, 1850m and 2020m. The 2020m level covering a gross pay of approximately 15 metres from 2020m to 2035m is the most attractive and will be completed and tested for production.

Sillaro-2 will be perforated on 3-4 production zones to complement existing production capacity in Sillaro-1, with short, confirmatory flow tests to be conducted early in August.

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Tue, 28 Jul 2009 12:24:00 +1000 https://www.proactiveinvestors.com.au/companies/news/161096/po-valley-energy-reports-log-results-confirms-gas-pay-zones-in-sillaro1-well-2099.html
<![CDATA[Media files - Michael Masterman of Po Valley Energy talks to Proactiveinvestors ]]> https://www.proactiveinvestors.com.au/companies/stocktube/551/michael-masterman-of-po-valley-energy-talks-to-proactiveinvestors-388.html Mon, 13 Jul 2009 00:00:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/551/michael-masterman-of-po-valley-energy-talks-to-proactiveinvestors-388.html <![CDATA[News - Po Valley Energy moves step closer to gas production at Castello in Italy ]]> https://www.proactiveinvestors.com.au/companies/news/161095/po-valley-energy-moves-step-closer-to-gas-production-at-castello-in-italy-1887.html Po Valley Energy (ASX: PVE) have achieved another milestone at the Castello gas field east of Milan.

Installation works on the Castello production field east of Milan have commenced.

Castello is 78% complete. First production is scheduled for late October 2009 - at an initial production capacity of 2.7 million cubic feet per day.

Italian contractor, Semat SpA, have commenced site activities today and expects to complete the civil works and plant installation within a target four-month schedule.

Po Valley Energy Managing Director, Michael Masterman said all production plant and equipment has been built, factory tested and awaiting completion of the 1st phase of civil works ready for installation.

"PVE is now in control of its development schedule for this field – a crucial hurdle for the Company,” Masterman said.

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Thu, 02 Jul 2009 12:46:00 +1000 https://www.proactiveinvestors.com.au/companies/news/161095/po-valley-energy-moves-step-closer-to-gas-production-at-castello-in-italy-1887.html
<![CDATA[News - Po Valley Energy has gas flows at fourth gas field at Bezzeca-1, Italy ]]> https://www.proactiveinvestors.com.au/companies/news/161094/po-valley-energy-has-gas-flows-at-fourth-gas-field-at-bezzeca-1-italy-1227.html Po Valley Energy (ASX:PVE) has reported positive gas flows during initial clean up and testing of the deepest level in its Bezzecca-1 appraisal gas well in northern Italy.

Testing of Bezzecca-1 included the installation of production equipment on three levels from 1860m to 1950m (measured depth) with a total of 11.5m having been perforated.

Bezzeca-1 is part of Po Valley’s fourth gas field development in the region and located within the Company’s 100% owned Cascina San Pietro permit area east of Milan.

Po Valley’s Chief Executive Officer, Mr Michael Masterman said, “Initial flows were tested at 2.2 million cubic feet per day on a ¼ inch choke at 1760psi during initial clean up and testing of the deepest Miocene level from 1925 to 1945m,”

“The initial flows and pressure were stable with good pressure recovery – results which are above expectations from this level and which are very encouraging pointers for potential field development,” Mr Masterman said.

“These former ENI gas fields present a range of challenges in redevelopment but these initial gas flow and pressure results are a good start for the Bezzecca structure.”

Testing of the deepest Miocene level will continue through this week with short tests to follow next weekend over the Pliocene and shallower Miocene levels.

Po Valley will commission its maiden production at the Castello and Sillaro gas fields in northern Italy from the third quarter this year and is progressing grant of a production concession on a third field, Sant’ Alberto, in the Company’s 100% owned San Vincenzo licence.

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Wed, 15 Apr 2009 07:23:00 +1000 https://www.proactiveinvestors.com.au/companies/news/161094/po-valley-energy-has-gas-flows-at-fourth-gas-field-at-bezzeca-1-italy-1227.html
<![CDATA[News - High hopes for Po Valley's fourth Italian gas field, potentially five times larger than Castello ]]> https://www.proactiveinvestors.com.au/companies/news/161093/high-hopes-for-po-valleys-fourth-italian-gas-field-potentially-five-times-larger-than-castello--1023.html Australia’s Po Valley Energy (ASX: “PVE”) has commenced work to bring a fourth gas field in northern Italy into production.

The Company announced today that appraisal drilling had commenced Thursday on the Bezzecca gas structure within Po Valley’s 100%-owned Cascina San Pietro permit area east of Milan.

The Bezzecca field is expected to be 5 to 10 times the size of Po Valley’s Castello field.

Po Valley will commission its maiden production wellheads at the Castello and Sillaro fields from July this year and has also commenced development work on a third field, Sant’ Alberto, in the Company’s 100% owned San Vincenzo licence.

Bezzecca is expected to reach target depth in 20 days. The well is located on a seismic high between four productive wells (drilled previously by ENI) and is therefore comparatively low risk.

Italian-based Perazzoli Drilling, employing a new 200 tonne capacity HH200 hydraulic rig, has been contracted for the Bezzecca well.

Po Valley Chief Executive Officer, Mr Michael Masterman, said first drill results from Bezzecca are expected by mid April.

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Fri, 13 Mar 2009 12:53:00 +1100 https://www.proactiveinvestors.com.au/companies/news/161093/high-hopes-for-po-valleys-fourth-italian-gas-field-potentially-five-times-larger-than-castello--1023.html
<![CDATA[News - Po Valley raises $10 million in share placement ]]> https://www.proactiveinvestors.com.au/companies/news/161091/po-valley-raises-10-million-in-share-placement-0889.html Gas explorer and developer Po Valley (ASX:PVE) has completed a successful A$10 million private placement of shares, that will see the Australian company progress four Italian gas development projects towards production.

The new funds will be used to keep debt levels low, whilst driving Po Valley’s proven Castello and Sillaro gas fields into production, and drilling the Company’s larger scale Bezzecca gas appraisal project in northern Italy. Civil works have already been completed at the Bezzecca No. 1 well site and the well will spud in March.

The A$10 million private placement was successfully completed via the issue of 8.33 million shares at A$1.20 per share with Australian institutional and sophisticated investors.

Subject to shareholder approval, Po Valley Director and Chief Executive Officer, Mr Michael Masterman, will also participate in the capital raising by committing up to A$1 million in new shares.

The placement price compares with the closing price for Po Valley on the ASX on Wednesday, 18 February 2009 of A$1.30 per ordinary share.

“Our access to these new funds has been achieved despite the uncertainty and volatility across global share markets. It will allow us to maintain low debt levels and drive production growth,” Mr Masterman said.

“Investors are attracted to the low costs and high margins of our projects - a defensive investment with significant leverage to future energy price recovery,” he said.

Today’s announcement continues a successful start to 2009 for Po Valley which is currently prioritising the start-up of production from its flagship Castello and Sillaro gas fields in northern Italy.

Last month, the Company announced it had secured its first gas offtake sales agreement - totalling approximately €38 million (A$77.5 million) - for emerging production from the Castello and Sillaro fields.

Both gas fields will be brought into production progressively from mid 2009, with maiden production scheduled to commence in July. Also last month, Po Valley revealed it had been formally granted a six year exploration licence for its Podere Gallina prospects near Bologna. The Company has also been granted a preliminary award of the Grattasasso exploration permit near Modena.

It takes to nine the number of preliminary licences awarded by Italian energy authorities to Po Valley over the past two years. These permit awards are in addition to 20-year production concessions won late last year and which cleared the way for first gas flows from the Sillaro and Castello fields.

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Mon, 23 Feb 2009 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/161091/po-valley-raises-10-million-in-share-placement-0889.html
<![CDATA[Media files - Michael Masterman of Po Valley Energy talks to Proactiveinvestors ]]> https://www.proactiveinvestors.com.au/companies/stocktube/409/michael-masterman-of-po-valley-energy-talks-to-proactiveinvestors-195.html Tue, 17 Feb 2009 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/409/michael-masterman-of-po-valley-energy-talks-to-proactiveinvestors-195.html <![CDATA[News - Po Valley snares gas offtake and shares jump 22% ]]> https://www.proactiveinvestors.com.au/companies/news/161090/po-valley-snares-gas-offtake-and-shares-jump-22-0605.html Po Valley Energy (ASX:PVE) has announced a landmark first gas offtake agreement with Italtrading Spa from the company's northern Italy gas fields with a contract sales revenue of $A77.5 million (Euro38 million).

The agreement represents first sales revenue for part of planned production from the Sillaro and Castello gas fields in Italy.  Further agreements to cover the balance of production for the first three years from the Sillaro and Castello fields are expected to be announced in early 2009, the company said.

ITaltrading SpA is an established gas and energy company, part of the the larger AFIN Group, a private company with global turnover of Euro500 million in 2007.

Further gas fields will be brought into production progressively by Po Valley in mid-2009.

Po Valley CEO, Michael Masterman said, "bidding for the output from these two fields was intense, with 11 bidders negotatiating for the supply contract."  The strong interest co-incided with greater uncertainty in the Western European gas supply markets as Russia closed off gas supply to the Ukraine.

Offtake terms were based  on the ENI Gas Release price formula with the current price equating to $US14 per one thousand cubic feet of gas.

Castello has proved and probable (2P) gas reserves of 6.3 billion cubic feet (bcf) and is expected to have an initial production rate of 2.7 million cubic feet a day starting in June/July 2009. Sillaro has 2p gas reserves of 14 bcf, with an expected initial production rate of 3.8 mcfpd, starting in September/October 2009.

Comment

With likely further gas offtake agreements in early to mid-2009, Po Valley shares are likely to resume an uptrend that mirrors development companies that become producers.  With a tight share capital and in one of the strongest gas markets (in terms of gas prices and demand), PVE looks to be ideally placed in 2009.

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Mon, 05 Jan 2009 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/161090/po-valley-snares-gas-offtake-and-shares-jump-22-0605.html
<![CDATA[News - Po Valley's Sillaro gas pipeline connected to Italian grid ]]> https://www.proactiveinvestors.com.au/companies/news/161089/po-valleys-sillaro-gas-pipeline-connected-to-italian-grid-0521.html The first Italian pipeline to take gas produced by Australia’s Po Valley Energy (ASX:PVE) into markets in northern Italy, has been completed and connected to the country’s gas distribution network.

Po Valley today announced today that the Italian national gas pipeline grid operator, SNAM Rete Gas, had completed construction of the connector pipeline from the Australian company’s Sillaro field near Bologna, to the National Italian pipeline grid.

Po Valley Chief Executive Officer, Mr Michael Masterman, said today, “This marks a major milestone in progress to put the Sillaro field into production." The pipeline grid connection, constructed in just eight weeks, was completed at SNAM’s cost. Gas entering the SNAM pipeline grid can be transported to the Italian gas market which consumes 2.9 trillion cubic feet per annum - three times the Australian market. Prices at around A$14 per thousand cubic feet are a multiple of Australian gas prices and transportation costs are very low.

In September this year, Po Valley completed the on-schedule construction of surface plant equipment for Sillaro at a total equipment cost of €2.7m. Following grant of the Sillaro Production Concession, Mr Masterman says the Company now expects to proceed with installation of the surface plant at Sillaro in the third quarter of 2009, enabling connection of the plant to the newly installed pipeline grid connection.

“We are now rapidly building momentum towards maiden gas production,” Mr Masterman said. “As gas transportation costs in Italy are very low and as we hold gas reserves in one of the largest gas consumption markets in Europe, this combination of factors is a major financial and strategic advantage for Po Valley.”

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Tue, 09 Dec 2008 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/161089/po-valleys-sillaro-gas-pipeline-connected-to-italian-grid-0521.html
<![CDATA[News - Po Valley gains production concession approval Sillaro, Italy ]]> https://www.proactiveinvestors.com.au/companies/news/161088/po-valley-gains-production-concession-approval-sillaro-italy-0460.html The Italian Government has granted Australia’s Po Valley Energy Limited (ASX:PVE) a 20-year production concession for the Company’s largest asset, the Sillaro gas field, near Bologna in northern Italy. The Sillaro milestone follows the grant earlier this month of a similar concession for Po Valley’s Castello gas field further to the northwest, near Milan.

As a result, Po Valley has now been granted the majority of all production concessions issued in on-shore Italy in the past five years and all of the new production concessions granted in northern Italy since the oil and gas sector’s deregulation in 1998.

Po Valley’s preparations to bring Sillaro and Castello into production are well advanced. The pipeline connection for Sillaro is currently under construction and is expected to be completed by the end of next month. Construction of the surface plant equipment for both the Sillaro and Castello fields is complete and is currently awaiting installation.

Po Valley’s Chief Executive Officer, Mr. Michael Masterman, said today, "the granting of production concessions for both Sillaro and Castello puts Po Valley at the forefront of new gas field development in Italy. We account for two out of three new on-shore Italy production concessions granted in the past five years and are exceptionally well prepared to move our fields into production next year."

“The equipment is ready, pipeline connection is near completion, and Sillaro will follow Castello into production in 2009, becoming our second producing gas field" Mr. Masterman said.

“Italy continues to have exceptional parameters for low cost high margin gas field development, combining a large market, high gas prices, an extensive pipeline grid, gas of high natural purity, very low project capital costs and an attractive royalty regime.

The Sillaro field has proven plus probable (2P) gas reserves of 14 billion cubic feet (bcf), and is expected to have an initial production rate of 3.8 million cubic feet per day. Sillaro will be a two-well field, producing from three gas bearing levels, and delivering gas to the national pipeline grid some 300 metres away.

Po Valley was trading at $1.20.

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Thu, 27 Nov 2008 00:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/161088/po-valley-gains-production-concession-approval-sillaro-italy-0460.html