News & ASX Releases

Producing and Near-Production Field Reserves Revision

November 25, 2016

Po Valley Energy Ltd (ASX:PVE) wishes to update the market on the Sillaro, Bezzecca and Sant’Alberto fields’ reserves and resource estimates and forthcoming development schedule. Throughout the year we have reported the progress on the rigless rework of the Sillaro field aimed to increase production. Whilst the rigless campaign carried out in various steps between December 2015 and June 2016 was unsuccessful, in July we announced that following extensive analysis and assimilation of empirical evidence, our internal technical team is of the view that (i) available static and dynamic data continue to underpin the assumption that level C1 is gas bearing; and (ii) the connectivity of the reservoir and tubing is impaired by residue in the casing tubing annular from the chemical seal used on the level directly above level C1 (i.e. level C2).1 We further confirmed that the Sillaro-1 sidetrack project originally announced in January 2015 remains valid and would optimize production of the remaining resources from the Pliocene reservoirs along with the development of the Miocene target2 . In addition, in April 2016 we reported that the Company’s technical team recently completed an internal in-depth integrated study on the Bezzecca field following the reprocessing of 2D seismic lines which resulted in improved imaging of reservoir and faults3 . In light of the above, Po Valley has recently completed a comprehensive re-evaluation of the residual potential of these fields. A review of the Sant’Alberto gas field was also carried out given the imminent development planned for early 2017. Estimates of the revised recoverable volumes for each field are set out in the tables below. Further details on the Reserve and Resource assessment is outlined in the additional information contained on page 5 to 11 as required under Chapter 5 of the ASX Listing Rules.


1 Refer to the June Quarterly Activities Report dated 29 July 2016

2 Refer to the ASX Release “Sillaro Field Reserves Revision and Production Forecast” dated 9 January 2015

3 Refer to the March Quarterly Activities Report dated 29 April 2016

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