October 31, 2011
Po Valley Energy Limited (ASX:PVE), is pleased to announce workover activities have started at its Vitalba 1dirA well.
Vitalba-1dirA is located in the Castello permit, northern Italy.
Workover operations are expected to take 20 days to reach target total
vertical depth of 1,400 metres.
The Company’s independent consultants, Dedicated Reservoir Engineering
& Management Group estimates remaining recoverable 2P (Proven plus
Probable) reserves at Vitalba-1dirA to be 3.7 billion cubic feet of gas.
“Subject to successful results, the Vitalba-1dirA well will be connected
to the existing Vitalba gas treatment plant, allowing production to
re-start without delay”, said Po Valley CEO Giovanni Catalano.
The Castello permit also includes PVE’s Bezzecca gas field which
contains contingent recoverable 2C (Proven plus Probable) resources of
3.1 billion cubic feet of gas.
The planned two-well phased development for Bezzecca will require
minimal additional investment in new production facilities as a 7
kilometre pipeline will connect the field to Po Valley’s existing
treatment plant at Vitalba.
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 of Po Valley Energy who has consented to the inclusion of that
information in the form and context in which it appears. Mr Catalano has
over 32 years experience in Exploration and Development in the Oil and
Gas Industry. He is member of SEAPEX and AAPG and holds a masters degree
in Geology from the University of Ferrara.
Po Valley Energy
+39 06 4201 62 75
Cannings Corporate Communications
(02) 8284 9990
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