Flow test confirms Gradizza-1 gas discovery

September 12, 2013

Po Valley Energy Limited (ASX: PVE) has completed initial testing of the Quaternary gas bearing level of the Gradizza-1 well.

During the production test, the flow rate stabilised at 247,000 standard cubic feet/day (~7,000 standard cubic metres/day) with a 3/16” choke. Well pressure recovered quickly throughout the testing period.

The well has been single completed with a gravel pack. Although no formation water was associated with gas production during the test, the clean-up process is not complete. The flow rate is expected to improve once clean-up is achieved.
The Company will take the next few months to review the data and consider rigless testing to better evaluate the real reservoir capability.

Following incorporation of the production test results in the reservoir model for the field, both the commercial potential and Contingent Resources of the Gradizza discovery will be determined and reported.


MEDIA CONTACTS:
Sara Edmonson
Po Valley Energy
+39 06 4201 62 75

About Po Valley Energy
Po Valley Energy (ASX: PVE) is an oil and gas producer and exploration company listed on the Australian Stock Exchange. It has an expanding portfolio of hydrocarbon assets in northern Italy. Po Valley holds 12 license areas, encompassing 2,000 square kilometres and owns and operates two gas treatment plants. The Po Valley region is the main gas production zone in Italy. The Company’s web site is http://www.povalley.com

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