News & ASX Releases

Re: Drilling Status Report - Bezzecca #1 Well

March 16, 2009

Company Announcements Office
ASX Limited
Level 4, 20 Bridge Street

Further to the Company’s ASX release on Friday 13th March, please find attached our first Drilling Status Report for the Bezzecca#1 well in the Cascina San Pietro permit.

The planned total depth (“TD”) of the well is approximately 2000 metres vertical depth and the TD is expected in approximately 20 days.

The market will be advised Tuesday and Friday morning each week of the progress on the well and at more regular intervals when significant events occur.

Yours sincerely,

Dom Del Borrello
Company Secretary &
Chief Financial Officer


Bezzecca #1 (Cascina S. Pietro Permit)

Po Valley Energy (ASX: PVE) reports the current status of the Bezzecca #1 well is as follows:

Time of Report:16:00 hours (Rome Italy Time)
Well Depth:TVD1 505 m
Current Operation:Casing 9” 5/8 and cementing
Forward Operation:End of cementing casing 9” 5/8, install BOPs, drilling 8” 1/2 phase

Participants in the Cascina S. Pietro Permit: 100% Po Valley Energy subsidiary Northsun Italia S.p.A. (Operator)

Notes: 1 True Vertical Depth

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