December 14, 2004
Italian gasfield development company Po Valley Energy (ASX: PVE) today made its debut on the Australian Stock Exchange.
The company will use the proceeds of the offer to primarily enable it to carry out its proposed gas field development program in Northern Italy.
Chief Executive Officer Michael Masterman said the company’s focus was on developing its shallow onshore gas fields located in the prolific hydrocarbon province, directly beneath industrialised Northern Italy — one of the largest gas consumption markets in Europe.
Speaking at the commencement of trading on the ASX today, Mr Masterman said the company offers investors the opportunity in 2005 to participate in the development of three Italian gas fields and a growing portfolio of new projects.
“Po Valley Energy is in great shape. Our first two projects are ready for drilling, detailed evaluation of our new projects is well advanced, and we are located in one of the world’s most attractive gas consumption markets,” said Mr Masterman.
Po Valley Energy raised $20 million through the offer of 20 million ordinary shares at an issue price of $1 per share. The company has 70 million shares on issue and a market capitalisation of $70 million based on the issue price of $1.
“Po Valley Energy is dedicated to meeting our strategic objectives outlined in our prospectus and achieving strong shareholder returns,” he said.
Equity Capital Markets Limited (ECM) was the lead manager and underwriter to the offer with Macquarie Equities Limited acting as broker to the offer.
For more information about Po Valley Energy, please contact:
President & CEO
+39 06 6992 5154
Ann M. Nahajski
+61 08 9386 1233
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