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Po Valley Energy eyes robust project outperformance this year as it prepares to begin gas production

The company has commenced development and preliminary work at the Selva gas field in Italy to prepare the field for gas production in 2020.

Po Valley Energy Limited - Po Valley Energy eyes robust project outperformance this year as it prepares to begin gas production
Final environmental approval is expected in the second quarter of 2020

Po Valley Energy Limited (ASX:PVE) made significant progress last year across its onshore and offshore gas and oil assets in northern Italy.

Po Valley CEO Michael Masterman said: “Environmental approvals for the low-cost, high-return Selva gas field, and the imminent environmental approval for Teodorico, have set the scene for a very robust project out-performance in the opening half of this year.”

Selva Malvezzi Production Concession – 63% PVE (operator)

With the Italian Government confirming preliminary technical environmental approval for the onshore Selva gas field, east of Bologna, development and preliminary work has now commenced to prepare the field for gas production in 2020.

Final environmental impact assessment (EIA) decree is expected in the second quarter of 2020.

This follows the granting early last year to Po Valley of the formal Selva Malvezzi preliminary gas Production Concession (80.68 square kilometres) by the Italian Ministry for Economic Development. 

Under the first phase of the development plan, Po Valley will install a fully automated gas plant at the existing Selva/Podere Maiar well site and install a one-kilometre long pipeline to connect the well with the nearby Italian National Gas Grid.

Based on dynamic reservoir studies, the field development is designed to produce at a maximum rate of up to 150,000 cubic metres/day.

Teodorico Offshore Gas Field Development (100% PVE)

The Teodorico gas field is in the shallow east coast waters (30 metres) of the northern Adriatic Sea – the primary source of domestic gas production for much of Italy.

Following the granting of the primary environmental approval in February 2019, Teodorico continued during the December quarter to advance through the regulatory approval process.

Key related EIA approval integrated documentation has now been submitted and Po Valley expects to complete the regulatory approval process early in 2020.

It is worth noting that Teodorico has the largest gas-in-place of all of Po Valley’s gas fields and is at an advanced stage of assessment, ready for development.

Quick facts: Po Valley Energy Limited

Price: 0.027 AUD

Market: ASX
Market Cap: $17.48 m

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