October 10, 2013
Po Valley Energy Limited (ASX: PVE) provides the following update in
relation to the Gradizza-1 gas discovery which was drilled in early
After reviewing the initial test data, the Company advised that it will
proceed with rigless testing to complete the well cleanup and perform
additional production tests, to better evaluate the commercial potential
of the well.
Based on the reservoir and data collected to date, estimated daily
production rates are expected to be well below the targeted Prospective
Resources estimate published in the Company’s annual report as the lower
production rates will impact Recoverable Reserves.
Well cleanup and testing will be undertaken during November.
Following interpretation and incorporation of the new results in the
reservoir model for the field, both the commercial potential and
Contingent Resources of the Gradizza discovery will be reported to the
Po Valley Energy
+39 06 4201 62 75
About Po Valley Energy
Po Valley Energy (ASX: PVE) is an oil and gas production 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 km2 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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