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Po Valley Awarded Preliminary Production Concession for the Bezzecca Gas Field

September 26, 2012

Po Valley Energy (ASX:PVE) the Northern Italy focused oil and gas E&P company has been awarded a preliminarily production concession on its Bezzecca gas field by the Italian Ministry of Economic Development.

The preliminary award of the concession follows the completion of a technical and economic evaluation of the project by the Ministry. The final award is expected around the end of the calendar year once the Environmental Impact Assessment (EIA), which was submitted in February 2012, has been fully reviewed by the Lombardy Region.

Bezzecca is located in Po Valley’s 100% owned Cascina Castello concession area, east of Milan, which also contains the Castello production field. The field was successfully drilled in 2009 resulting in a commercial gas discovery. With the award of the production concession, the gas field’s independently estimated Resources will be reclassified as Reserves; Specifically:
  • Proven = 0.7 bcf,
  • Proven+Probable = 4.1 bcf,
  • Proven+Probable+Possible = 6.7 bcf.
With this preliminary award, Po Valley has commenced preparation to implement a two-phase development programme. The first phase involves a connection of the already drilled and completed Bezzecca-1 well to the existing Castello surface gas plant via a seven kilometre gathering line. The second phase, following the start-up of gas production, includes a second development well, Bezzecca-2, to be drilled in 2014. The Castello surface gas plant has sufficient capacity to process production from the single Castello well and both Bezzecca wells.

Giovanni Catalano, Managing Director of Po Valley commented: “We are delighted to have reached this milestone on Bezzecca, which will become our third producing field. Notably, the ability to utilise the existing Castello surface gas plant makes the commercialisation of the Bezzecca field particularly attractive. Furthermore, the addition of this third production field will increase Po Valley’s total Proven Reserves by 10% to 8 bcf and Proven+Probable by 46% to 13 bcf”.

MEDIA CONTACTS:

Giovanni Catalano
Po Valley Energy
+39 06 4201 62 75

About Po Valley Energy
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. The Po Valley region is the main gas production zone in Italy. The Company’s web site is http://www.povalley.com

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.

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