News & ASX Releases

Po Valley Banks First Revenue as Maiden Gas Flows into Northern Italian Energy Grid

December 21, 2009

Po Valley Energy (ASX: “PVE”) has become Italy’s newest gas producer with its first flows of gas into the country’s energy grid commencing over the weekend.

Po Valley said today that flows from the Company’s wholly-owned Castello gas field east of Milan had built up to around 1.5 million cubic feet of gas per day after initial start-up late last week.

Company Chief Executive Officer, Mr Michael Masterman said: “First gas has been a long while coming but we are pleased that the commissioning of the new plant has gone smoothly and Po Valley has already banked its first revenue.

“Flows will be steadily increased to the planned operational level of 2.5 million cubic feet per day over the coming weeks”, Mr Masterman said.

“We are proud to be a pioneer in delivering new sources of secure domestic supplies to the Italian gas market, which is largely dependent on imported gas. Po Valley has been supported in this endeavour by the Italian Energy Ministry and, of course, by our patient shareholders,” he said.

“This milestone sets Po Valley on a course of being a substantially different company in 2010 as we make the transition from gas explorer and developer to gas producer.”

“We expect our production to double shortly as the Company remains on track to commence commissioning our second wholly-owned gas field, Sillaro, east of Bologna, early in 2010.”

Mr Michael Masterman and Po Valley team at Castello gas field


Michael Masterman
Po Valley Energy
(0039) 333 1961061

Kevin Skinner
Field Public Relations
(08) 8234 9555 / 0414 822 631

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