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PO Valley Posts Maiden Half-Year Profit

September 5, 2011

Half-year highlights

  • Revenue of €4.35 million (AUD 5.9m), up from €2.59 million (AUD 3.5m)
  • EBITDA of €2.26m (AUD 3.0m)
  • Net profit of €0.37 million (AUD 0.5m)
  • Cash and cash equivalents of €1.6m (AUD 2.2m), up from €1m (AUD 1.3m)
  • Vitalba development well on schedule
  • Sillaro gas field reserves confirmed




Po Valley Energy Ltd. (ASX: PVE), an oil and gas producer and explorer with an expanding portfolio of assets in northern Italy, announced a maiden half year net profit of €367,010 (AUD 0.5m) resulting from increased production and revenues.

First-half revenue increased 68% from a year earlier. “We made strong progress in the first half,” said Chief Executive Officer Giovanni Catalano.

“In addition to the significant increase in production revenues, our exploration and development programs are also progressing. We start drilling our Vitalba-1dirA well in coming weeks and, if successful, we plan to restart production from the Castello before year-end to further boost revenue growth and cash flow in 2012,” said Mr Catalano.

“We look forward with confidence to a promising second half of the year and a good performance overall in 2011”.

During the half, Po Valley also appointed Moyes & Co., a global energy advisor with offices in the US and UK to seek appropriate farm-out partners for a selected number of the Company’s assets.

Cash and cash equivalents stood at €1.6 million (AUD 2.2m) at June 30, 2011, up from €1 million (AUD 1.3m) at December 31, 2010. Borrowings were unchanged at €6.0 million (AUD 8.1m) at 30 June 2011.

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 fully owned assets in northern Italy. Po Valley holds 11 license areas, encompassing 2,000 square kilometers 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 www.povalley.com

Exchange rate: 1€=1.357 Aud as at 30 Jun 2011 and Aud 1.356 for the period average (01/01/11— 30/06/11). Source: www.oanda.com

CONTACTS:

Giovanni Catalano
Po Valley Energy
+39 06 4201 62 75

Michael Mullane
Cannings Corporate Communications
(02) 8284 9990
mmullane@cannings.net.au

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