March 1, 2010
Po Valley Energy (ASX:PVE) announces the lodgement today of its Financial Report for the year ended 31 December 2009.
The financial results reflect the continued progress of the Company,
which brought into production its first north Italian gas field,
Castello, near Milan, late in 2009.
Subsequent and Planned Developments
- Maiden gas production achieved with the
completion of construction and the successful start up of the Castello
gas field, in northern Italy
- Sillaro 2 near Bologna drilled successfully in August 2009 and completed ready for production
- Installation of the Sillaro gas production facility
significantly advanced and expected to commence commissioning in the
first half of 2010
- Bezzecca 1 drilled and tested on a combined flow of 3.8 million cubic feet per day.
- The consolidated loss after income tax amounted to €7,202,805 (AUD10.91 million)
- The Bank of Scotland reservoir finance facility was drawn to
€10,279,269 (AUD15.57m) and Cash at Bank was €6,622,329 (AUD10.03m) as
at 31 December 2009
production officially designated on 12 January 2010 in conjunction with
the Official Inauguration of the Castello field.
- Current Castello production rates are approximately 60,000 cubic meters per day (2.1 million cubic feet per day)
- Production preparation at the second field, Sillaro, is more
than 90% complete and scheduled to commence commissioning over
- Po Valley plans to drill the Fantuzza appraisal well and the Gradizza exploration well during 2010.
Michael Masterman, CEO of Po Valley Energy, commented:
“In a year of global financial crisis, Po Valley ended 2009 with low net
debt and the commencement of production from its Castello gas field,
the Company’s first output. We were also active drilling two wells and
substantially advancing our second gas production field — Sillaro — to
the cusp of gas production”
“With two fields entering production and firming gas prices, Po Valley
is expected to generate operating cashflows this year. This, in
combination with the planned drilling of two new gas targets suggests
2010 is shaping up to be an exciting year for the company.
Po Valley Energy
0417 851 303
Field Public Relations
(08) 8234 9555 / 0414 822 631
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