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Po Valley Energy to update on debt refinancing

 Po Valley Energy to update on debt refinancing

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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