July 14, 2014
Po Valley Energy Ltd (ASX: PVE) is pleased to announce that the Bezzecca
gas field located 35km east of Milan in northern Italy has been awarded
production concession status through the enlargement of the existing
Cascina Castello Production Concession.
The grant of the Production Concession award is a significant milestone
for the Company as it is the final approval required to bring the
Bezzecca gas field into production via a 7km pipeline which will connect
to the existing Vitalba gas plant.
“Over the course of the past year, the Company’s leadership team has
worked diligently to progress this project from a regulatory and
technical standpoint and as we are at an advanced stage of planning the
award puts the Company in a position to move forward concretely.” Po
Valley’s Acting Chief Executive Officer, Mrs. Sara Edmonson, said.
Bezzecca is located in Po Valley’s 100% owned Cascina Castello
concession area, east of Milan. As reported in the 2013 Annual Report1
, released to the market on 24 April 2014, the field has proved gas reserves2
(1P) of 3.0 bcf and probable gas reserves (2P) of 4.2 bcf, with an
initial production rate post commissioning of 20,000 cubic metres per
day that is expected to more than double upon completion of the
development well Bezzecca-2.
Po Valley Energy
+39 06 4201 62 75
1 We are not aware of any new information or data
that materially affects the information included in the estimates
provided in the 2013 Annual Report and confirm that all material
assumptions and technical parameters underpinning those estimates
continue to apply and have not materially changed.
2 Evaluation date 13 December 2013. The deterministic method
was used to prepare the estimates of proved and probable reserves. The
reference point for gas flow from Bezzecca will be measured through a
turbine, located on the well site, using non standard cubic meters. The
figure is standardised using a Fiorentini Fiomec Calculator (FFC) which
is a conversion consisting of gas temperature and pressure with gas
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