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Po Valley awarded a new high-potential gas exploration licence

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.

MEDIA CONTACTS:
Giovanni Catalano
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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