July 20, 2012
Po Valley Energy Limited (ASX:PVE), the Northern Italy focused gas and
oil E&P company, has been awarded its first offshore exploration
permit by the Italian Ministry for Economic Development.
The exploration permit named AR94PY (previously denominated AR168PY) is
located in the shallow waters of the Adriatic Sea and contains two
connected gas discoveries, Carola and Irma, both drilled and tested by
the former operator, ENI. Resource evaluations of the combined two gas
fields have a low estimate Contingent Resources (1C) of 22 bcf and best
estimate Contingent Resources (2C) of 24.8 bcf. These resource estimates
have been independently audited by Fugro Robertson Limited in April
this year. Final recovery estimates will be formalised on conclusion of
the development plan.
Po Valley will now purchase the already recorded 3D seismic data on the
Carola and Irma structures and will start working on the field
development programme. Looking ahead the project benefits from close
proximity to the offshore production facility at the adjacent ENI
Pandora gas field.
Commenting on the Award, Giovanni Catalano, Managing Director
Po Valley said: “We are delighted to have been awarded our first
offshore exploration permit, particularly one which is well advanced and
enables us to effectively fast track the process towards production
from Carola/Irma. Po Valley will proceed immediately with the
development planning and economic optimization necessary to support an
application for a production concession licence”.
Po Valley Energy
+39 06 4201 62 75
Competent Person’s Statement
Information in this report that relates to Hydrocarbon Reserves and or
Resources is based on information compiled by Mr. Giovanni Catalano, MD
& CEO of Po Valley Energy who have consented to the inclusion of
that information in the form and context in which it appears. Mr
Catalano has over 30 years experience in Exploration and Development in
the Oil and Gas Industry. He is a member of SEAPEX and AAPG and holds a
master degree in Geology from the University of Ferrara, Italy.
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 11 license
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: http://www.povalley.com
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