News & ASX Releases

Daily Drilling Status Report

July 21, 2009

Sillaro#2dir (Sillaro Production Concession)

Po Valley Energy (PVE) reports the current status of the Sillaro#2dir well is as follows:

Time of Report:07:00 hours (Rome Italy Time)
Well Depth:TVD1 m 1891 - MD2 2004 m
Current Operation:Drilling 8” 1/2 phase
Forward Operation:Drilling 8” 1/2 phase to final depth

Participants in the Sillaro Production Concession:
100% Po Valley Energy subsidiary Northsun Italia S.p.A.(65% -Operator)and PoValley Operations (35%).

Notes: 1True Vertical Depth - 2Measured Depth

For further information please contact :
Po Valley Energy Administrative Office, Mr. Michael Masterman (Chief Executive Officer)
Ph: +39 06 4201 4968 Cell: +39 333 1961 061 Fax: +39 4239 1900

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