June 6, 2013
Po Valley Energy Limited (ASX:PVE) the northern Italy focused gas and
oil exploration and production company, announces the full award of a
new exploration licence by the Ministry of Economic Development.
The new licence, “Tozzona”, is located in Emilia-Romagna, in the
provinces of Bologna and Ravenna, and covers an area of circa 90 sq km.
The new permit is for initial exploration term of six years.
The area lies along the eastern border of the existing ENI gas
production licence containing the Santerno gas field (circa 35 bcf of
gas produced to date). The main gas targets are Mio-Pliocene reservoirs
within structural traps.
Initial work programme includes the purchase of a semi-regional grid of
2D seismic lines from the former operator of the area, ENI.
Commenting on the award, Giovanni Catalano, Managing Director
of Po Valley said:
“Tozzona represents another prospective addition to the Company’s
exploration portfolio. Now that we have secured the licence, we will
commence geological and geophysical studies aimed at evaluating already
identified opportunities in similar settings to the Santerno gas field.
Po Valley Energy
+39 06 4201 62 75
About Po Valley Energy
The Po Valley region is the main gas production zone in Italy. 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 licence
areas, encompassing 2,000 square kilometres and owns and operates two
gas treatment plants, Silllaro and Castello which provide the Company
with steady cash flow.
For more information please visit www.povalley.com
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