October 25, 2016
Po Valley Energy Ltd (ASX: PVE) the Italian based oil & gas exploration, development and production company with interests in Northern Italy (The Company), is pleased confirm the result of today’s EGM and update the market on progress on the Bezzecca pipeline.
At the EGM today, shareholders unanimously approved the participation of directors in tranche two of the placement announced to ASX on 13 September 2016, bringing to a close the capital raising of $900,000 at an issue price of AUD$0.02 per share. The detailed results of the EGM including the proxy votes are attached. (see pdf).
The Company is also pleased to confirm that the Bezzecca onshore gas field development continues to progress on plan. The pipeline from the Bezzecca well to the Vitalba plant is over 60% complete and pipeline tie-in into the Vitalba production plant is planned to commence in November with first gas expected in January 2017.
The Company remains highly confident of receiving the preliminary award of the Teodorico production concession and looks forward to formal confirmation from the Italian Ministry.
Po Valley Energy
+39 06 4201 62 75
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