News & ASX Releases

Po Valley Commences Sillaro Test Program

December 12, 2005

A gas deviation well drilled in northern Italy by Australian petroleum explorer, Po Valley Energy Limited (“PVE”) will be flow tested over 3 zones during the next two weeks following positive petrophysical evaluation of the well log results. The detailed evaluation of the log results shows a series of thick and thin bed sands over nearly 100 metres from 2160m to 2257m (measured depth). The gas bearing zones cover the target zone - PL2B from 2218 to 2238m, an immediately deeper zone - PL2A — from 2239m to 2257m and a shallower zone — PL2C from 2160m down to potentially to 2197m.

Based on the log evaluations the PL2C level has the best gas bearing sands and gas flow rate potential from 2160m to 2175m with a potential extension from 2175m down to 2197m. Based on log interpretations the PL2B and PL2A zones also appear to be productive.

In order to comprehensively test the target zones and collect the key flow rate and pressure information to design final production completion design of the well, a comprehensive Drill Stem Test (DST) program will be conducted at Sillaro 1d over the next two weeks commencing on Monday 12 December. The results will be progressively reported to the market.

Michael Masterman Po Valley Energy 0417 851 303
Kevin Skinner Field Public Relations (08) 8234 9555 / 0414 822 631

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