News & ASX Releases

"Green Light" For Italian Gas Production

January 30, 2008

Italian authorities have issued prospective Australian gas producer, Po Valley Limited, with its critical “green light” credentials for first gas production this year from a field in northern Italy.

ASX-listed Po Valley (“PVE”) announced today it had been granted the crucial environmental decree, one of the last hurdles allowing first commercial gas outputs from the Company’s 100%-owned Sillaro field near Bologna in northern Italy.

The decree was endorsed by the Emilia Romagna region’s environmental authority.

“The issue of the decree paves the way for the full grant of the Sillaro production concession and gas production ahead of our first revenue generating flows within this year,” Po Valley’s Managing Director, Mr Michael Masterman, said today. The decree is now in the hands of the Italian Ministry to progress it through the final steps to the issue of the production concession.

Mr Masterman said he was confident that the company would make an announcement in the near term on the environmental approval for Po Valley’s planned second producing field at Castello, near Milan.

Fabrication and construction of the surface plant for both Sillaro and Castello is advancing on schedule and is more than 20% complete, with similar well advanced work on the spur lines connecting Sillaro and Castello to Italy’s main northern gas distribution network.

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