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Italian Gas Appraisal Well Tests Positive On All Three Levels

April 21, 2009

Strong flow rates with rapid pressure recoveries have been reported by Australia’s Po Valley Energy (“PVE”) after the successful completion of all production tests at its Bezzecca #1 appraisal well in northern Italy.

Po Valley announced today the results of 10 days of testing on three levels at Bezzecca #1 - deep Miocene, shallow Miocene and the Pliocene.

Initial flow from the deep Miocene level from 1925m to 1945m was 2.2 million cubic feet per day on a ¼ inch choke at a pressure of 1760 psi. The tested flows stabilized and exhibited rapid and full pressure recovery.

A relatively small perforated zone in the shallow Miocene from 1913m to 1916m tested at 0.55 million cubic feet per day on a ¼ inch choke. The flow was stable and pressure recovery was rapid.

The Pliocene level between 1862m and 1863m also produced better than expected gas flows. In Bezzecca, the Pliocene gas bearing levels are in thin zones above the main Miocene target. The Pliocene level flowed at a stabilized rate of 1.0 million cubic feet per day on a 3/16 inch choke with good pressure recovery.

“We have successfully tested all three levels in Bezzecca #1. Each of the tests delivered stabilized gas flows and rapid pressure recovery” Po Valley’s Chief Executive Officer, Mr Michael Masterman, said today

“As a result, we have generated a combined flow of 3.75 million cubic feet per day from this test program.” Mr Masterman said.

“There are additional levels identified in nearby wells and potentially present in Bezzecca #1 that will be investigated in subsequent work. This work, together with the encouraging results from the testing program, will provide an initial assessment of the size, nature and scope of a Bezzecca development.”

The rig used in the Bezzecca appraisal schedule has been released and will move to another well prior to mobilisation to Po Valley’s Sillaro field to drill Sillaro#2.


Michael Masterman
Po Valley Energy
0417 851 303

Kevin Skinner
Field Public Relations
(08) 8234 9555 / 0414 822 631

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