Menu

News & ASX Releases

Po Valley CEO to Step Down

August 12, 2013

Po Valley Energy Limited (PVE:ASX) wishes to advise that its CEO, Mr Giovanni Catalano, will step down from that position today.

The Board, in discussion with Mr Catalano, has determined that it is in the best interests of the Company to terminate Mr Catalano’s Consultancy Agreement under which he has acted as the Company’s CEO since October 2010.

While Mr Catalano will step down as CEO and as a director of PVE with immediate effect, he will continue to work with the Company for a period of up to three months to ensure a smooth transition and progressive transfer of his responsibilities with the Company’s operational subsidiaries to other members of management during this period.

Commenting on Mr Catalano’s contribution to the Company, Graham Bradley, Chairman, said “Giovanni has worked hard over the past 2.5 years to advance the Company’s interests and operations in a difficult regulatory and political environment in Italy. We are grateful for his accomplishments, which include building a capable team in Rome, farming- out interests in the forthcoming Gradizza-1 exploration well, negotiating a new reserve based lending facility with NedBank to secure future funding and advancing the Company’s attractive portfolio of future exploration assets. We thank Giovanni for his contribution and wish him every success for the future”.

Ms Sara Edmonson, currently the Company’s Chief Financial Officer, will assume the role of Acting CEO upon Mr Catalano’s departure. The current management team will assume responsibility for the Company’s technical, operational and regulatory activities and Mr Catalano will work with them as necessary over the coming months to ensure a smooth transition The Company will now begin a search process to identify a successor to Mr Catalano.

MEDIA CONTACTS:

Graham Bradley, Chairman
Po Valley Energy
+6129006 5822

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 12 licence 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 www.povalley.com

Back to the list of news releases.

Archive