July 5, 2013
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).
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).
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
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.
Scm/day: standard cubic metres per day
Po Valley Energy
+39 06 4201 62 75
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