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High hopes for Po Valley's fourth Italian gas field, potentially five times larger than Castello

Appraisal drilling has begun on the Bezzecca field in northern Italy.  Bezzecca is expected to be 5 times the size of Po Valley’s Castello field.


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.

Quick facts: Po Valley Energy Limited

Price: 0.038 AUD

Market: ASX
Market Cap: $24.6 m

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