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Po Valley Awarded Torre del Moro Preliminary Exploration Permit

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 fields.

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 of 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 drillable status.”

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 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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