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Po Valley Energy Ltd

Po Valley Energy streamlines Italian exploration assets, posts strong half-year profits

Po Valley Energy Ltd (ASX:PVE) chairman Michael Masterman updates Proactive Investors on developments at the energy exploration company’s three hydrocarbon assets in northern Italy.
 
“Key news flow from Selva is the preliminary award of the production concession that we’re expecting in the next couple of months and we’re going to run a 3D seismic program which would very substantially increase the size of the resource,” Masterman says.
 
In its recently announced half-yearly results Po Valley reported a profit of more than $3 million euros while it advances its Selva, Torre del Moro and Teodorico projects.
 
Masterman added, “the results highlight that we’re streamlined. We’re focused on three assets of substantial scale, there is substantial news flow on Selva, Torre del Moro and Teodorico and we’re going to deliver against a very substantial oil and gas portfolio.”

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Price: $0.05

Market: ASX
Market Cap: $31.82 m
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