May 9, 2013
Po Valley Energy Limited (ASX:PVE) is pleased to announce its commitment
to drill the Gradizza-1 exploration well in the La Prospera licence
(north of Bologna in the Po Valley), and the execution of a new farmin
The agreement was reached with AleAnna Resources LLC, a Delaware (U.S.) limited liability private Company.
As previously stated in the latest Quarterly Activities Report, the
Italian authorities granted final approval to drill the Gradizza-1 well
in January 2013.
The agreement allows AleAnna to earn a 10% interest for a promote in the
drilling of the exploration well Gradizza-1, planned for late June
PVE had previously entered into an agreement with Petrorep (already a
partner with PVE in the Cadelbosco di Sopra permit), which will allow it
to earn a 15% working interest in the La Prospera licence. PVE will
retain the residual 75% interest and operatorship.
The farmout agreements with both partners are subject to regulatory approvals by the Italian Ministry of Economic Development (Ministero dello Sviluppo Economico
PVE has already ordered long lead items and recently commenced civil works for the Gradizza-1 exploration well.
The exploration well has Quaternary sands target at a depth of 1,000
metres with Prospective Best Estimate gas Resources of 9.0 bcf.
Po Valley CEO & MD, Mr. Giovanni Catalano commented: “The
approval to drill Gradizza-1 and the new farmin agreements are
significant steps towards achieving our near-term development strategy,
which aims to confirm Resources by drilling low risk assets. In 2013 the
Company continues to seek farmin partners in order to accelerate
development of its exploration portfolio”
Background on ALEANNA RESOURCES LLC
AleAnna is a Delaware (U.S.) limited liability Company. The Company’s
interests are in Italy, where AleAnna is building a presence with eight
exploration permits and three permit applications in the Po Valley and
Bradano basins, encompassing a total of 804,000 acres. In the Po Valley
(northern Italy), the Company holds seven exploration permits and two
exploration permit applications expected to be awarded in 2013. In the
Bradano basin (southern Italy), AleAnna holds one exploration permit and
one application is expected to be awarded in 2013. AleAnna values its
local relationships and intends to establish a long-lasting presence in
Italy through exploration and production using the newest, safest and
most environmentally friendly technology available. AleAnna Resources,
LLC is owned by two experienced oil and gas exploration and production
Background on PETROREP
Established in 1968, Petrorep Italiana S.p.a. is a subsidiary of
Petrorep S.A. of Paris, which is controlled by the French Independent
group Petrofrance. Since its inception, Petrorep has entered into
several joint ventures with the major Italian Oil Companies to explore
and produce hydrocarbons. The Company produces gas via 12 exploitation
concessions and holds a number of explorations licences.
Petrorep S.A., established in 1956, is the leading oil Exploration and
Production Company of the Petrofrance Group (still active in France), it
was the first Company to discover oil in the Paris basin.
Background on LA PROSPERA Permit
This licence, located in the Ferrara province north of Bologna, was
awarded in September 2008. A subsequent seismic interpretation of 68 km
of ENI seismic lines has identified within the Quaternary sequence the
Gradizza prospect, with predicted target depth of 1,000 metres and
Prospective Low, Best, High Estimate gas resource of respectively 4.5
bcf, 9.0 bcf, 16.0 bcf. The probability of success of the Gradizza
prospect is estimated at 27%.
bcf : billion cubic feet
Po Valley Energy
+39 06 4201 62 75
About Po Valley Energy
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 license areas, encompassing 2,000 square kilometres and owns
and operates two gas treatment plants. The Po Valley region is the main
gas production zone in Italy. The Company’s web site is www.povalley.com
Competent Person’s Statement
Information in this report that relates to Hydrocarbon Reserves and
or Resources is based on information compiled by Mr. Giovanni Catalano,
CEO & MD of Po Valley Energy who have consented to the inclusion of
that information in the form and context in which it appears. Mr
Catalano has over 30 years experience in Exploration and Development in
the Oil and Gas Industry. He is a member of SEAPEX and AAPG and holds a
masters Degree in Geology from the University of Ferrara, Italy.
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