Po Valley Energy starts workover activity at Vitalba-1dirA well

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.

MEDIA CONTACTS:

Giovanni Catalano
Po Valley Energy
+39 06 4201 62 75

Michael Mullane
Cannings Corporate Communications
(02) 8284 9990

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