July 27, 2012
Po Valley Energy Limited (ASX:PVE), the Northern Italy focused gas and
oil exploration and production company, has been awarded a preliminary
exploration permit for a new onshore licence - Torre del Moro - by the
Italian Ministry for Economic Development.
The exploration permit is located in Emilia-Romagna adjacent to Po
Valley’s 100% owned Terra del Sole exploration permit, around 55 km
south east of Bologna, and covers an area of 111 square kilometers.
Po Valley has been invited to submit the necessary environmental impact
study that, on acceptance, will lead to the final award of the permit.
The area contains large structures with similarities to the Western Po
Valley Villafortuna-Trecate oil field (circa 220 mmbbls of oil produced
to date plus associated gas production) and to nearby Pliocene gas
Po Valley intends to conduct geological and geophysical studies on the
new permit area, once awarded, to fully evaluate a number of leads
already identified and, assuming positive results, will then prepare
plans for an exploration well.
Commenting on the award, Giovanni Catalano, Managing Director
Po Valley said: “This project increases the Company’s exploration
targets in an attractive area adjacent to our Terra del Sole permit. It
will allow the Company to fully evaluate structures within the two
contiguous blocks and will help progress potentially attractive leads to
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 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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