News & ASX Releases

New Gas Zone For Po Valley's Italian Well

December 1, 2005

A gas deviation well drilled in northern Italy by Australian petroleum explorer, Po Valley Energy Limited (“PVE”) is to be cased and tested after returning positive log results from a gas encounter over at least two intervals.

Po Valley announced today that two gas bearing zones — the target PL2B zone and a new 8 metre net pay at a shallower depth commencing at 2,115 metres, had been interpreted from electric log results of the Sillaro-1d deviation well, 25 kilometres east of Bologna.

The well, spudded eight days ago to target the Pliocence gas bearing zone to a total depth of 2,300 metres, will now be cased and tested. “The estimated gross pay of the primary objective PL2B zone is 20 metres between 2,170.5 and 2,190.5 metres,” Po Valley’s Chief Executive Officer, Mr Michael Masterman, said today.

“This is 30 metres higher than Sillaro-1 and 12.5 metres higher than the nearby Budrio 2 gas well that tested commercial gas flows for ENI in the 1960s,” Mr Masterman said.

“The new gas bearing zone is between 2,115 and 2,128 metres for a gross pay of 13 metres and a net pay of 8 metres and appears to be in good gas bearing sands.”

Mr Masterman said Po Valley’s plan is to case the well to 2,300 metres ahead of initiating testing. The well is currently being prepared for casing and some difficulties have been encountered removing a retrievable packer.

Michael Masterman Po Valley Energy 0417 851 303
Kevin Skinner Field Public Relations (08) 8234 9555 / 0414 822 631

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