Proactive Investors - Run By Investors For Investors

Po Valley Energy commencing gas production from Bezzecca well

The company recently extended its offtake contract with Shell Energy Italia.
Po Valley Energy commencing gas production from Bezzecca well
Production target of 30,000-35,000 cubic meters of gas per day

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.


View full PVE profile View Profile

Po Valley Energy Ltd Timeline

Related Articles

March 02 2019
Hurricane Energy has gone from a conceptual idea to point of substantial production
May 07 2019
Output measured 602 barrels of oil per day in the quarter, compared to 607 bopd in the preceding three months.
Gas plant
April 29 2019
“2018 was a tough year for the company but we ended the year on a high."

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use