August 14, 2013
Po Valley Energy Limited (ASX:PVE) is pleased to advise the market that
the drilling of the Gradizza-1 exploration well, in the La Prospera
licence (north of Bologna), has commenced.
The drilling contractor company is LP Drilling Srl with its hydraulic
rig “Corsair 300” and drilling operations to reach the potential gas
bearing sands target are expected to take around 10 days.
The Gradizza structure is located in the Ferrara province north of
Bologna and consists in a sandstone Quaternary target at a total
measured depth of 1,000 metres.
As announced in May, a farmin agreement with AleAnna Resources LLC and
Petrorep Italiana S.p.a. was completed for a disproportional funding by
the new partners for the drilling cost of Gradizza-1 well, leaving the
Company equity in La Prospera licence post promote at 75% with Petrorep
at 15% and AleAnna at 10%.
Po Valley Energy
Non - Executive Director
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 http://www.povalley.com
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