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Production Update

July 5, 2013

Sillaro Field

Po Valley Energy Limited (ASX: PVE) is pleased to advise that it has completed the installation of a 3-phase separator at its Sillaro gas field. Production of Sillaro’s major producing levels C1-C2 has recommenced at a rate of around 65,000 Scm/day. Production is planned to increase over coming days to reach the target rate of ~75,000 Scm/day.

Pending completion and certification of the new separator installation, production levels were reduced in 2Q13 to an average daily production of approximately 43,000 Scm/day (compared to 53,000 Scm/day in 1Q13).

Castello Field

In the second half of May, operations at the Castello field experienced an increase in water production. Pending completion of tests and analysis, it was decided that it would be prudent to reduce production rates from the field to between 5,000 to 10,000 Scm/day (compared to around 16,000 Scm/day in 1Q13).

Combined Production

Total production from the two fields for the second quarter was approximately 4.74 million Scm, approximately a 25% decrease from the preceding quarter. As a result, it is estimated that the Company’s revenue for the second quarter will be ~20% lower than that of the first quarter.

Based on the anticipated Sillaro and Castello production rates, third quarter production is expected to be about 80,000 Scm/day, being approximately 55% above the production in the second quarter.

Further details will be included in the Company’s 2Q13 activities report due to be released in late July.


Abbreviations
Scm/day: standard cubic metres per day


CONTACTS:
Giovanni Catalano
Po Valley Energy
+39 06 4201 62 75

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