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Po Valley Awarded First Offshore Exploration Permit

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 of 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”.

Giovanni Catalano
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.

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