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
Graham Bradley, Chairman
Po Valley Energy
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
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