logo-loader
viewPo Valley Energy Limited

Po Valley Energy begins plant installation at Sillaro gas field in Italy

no_picture_pai.jpg

Installation of the surface plant has commenced at Italian gas producer Po Valley Energy's (ASX: PVE) Sillaro gas field, east of Bologna in Italy.

Michael Masterman managing director of Po Valley said the Italian contractor, Semat Spa, commenced site activities this week with a target four-month schedule for completion, and commissioning expected in January 2010.

Sillaro-2 production well, spudded in July and was successfully drilled on schedule to a target depth of 2364m. Testing at Sillaro has confirmed 6 productive gas bearing levels in the field.

Installation works at Po Valley's Castello gas field, east of Milan, have now reached an overall project progress of 88% both with civil activities and mechanical works.

Castello is on schedule for commissioning in October. First gas is expected from Castello in November 2009.

Fox-Davies Capital issued a note on Po Valley following the announcement, saying progress at Sillaro is good news for the company. It is retaining its 'Buy' recommendation with an unchanged target price of A$2.70.

The news that first production is expected from Castello in November is also good, the broker added.

Quick facts: Po Valley Energy Limited

Price: 0.05 AUD

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

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Po Valley Energy Limited named herein, including the promotion by the Company of Po Valley Energy Limited in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

2 min read