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Po Valley Energy reports log results, confirms gas pay zones in Sillaro#1 well

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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.

Quick facts: Po Valley Energy Limited

Price: 0.05 AUD

ASX:PVE
Market: ASX
Market Cap: $32.36 m
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