News & ASX Releases

Po Valley commits to drill Gradizza-1 exploration well and Executes New Farmout

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 agreement.

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 2013.

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”.


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 companies.

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

Giovanni Catalano
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

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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