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Reserves and Resources Update

April 17, 2012

In February this year Po Valley Energy (the Company) engaged the independent experts Fugro Robertson Limited (FRL) to comprehensively review its Reserves and Resources base. This audit involved an extensive review of all existing evaluations of the Company’s assets undertaken either internally or by external independent experts.

“The review confirms the significant upside value of the Company’s portfolio. The Management and Board are committed to unlocking value through rigorous application of E&P industry best practices”, Giovanni Catalano, Po Valley Energy’s CEO said.

Compared to the Reserves and Resources stated in the 2010 Annual Report we note:
  • 2P gas - Proved and Probable Reserves are estimated to be 8.9 bcf compared to 11.8 bcf in 2010, with the decline due in part to 1 bcf produced in 2011 and the previously announced expected decrease in reserves in our Castello field;
  • 2C gas - Best estimate Contingent Resources of 44.1 bcf, more than double compared to 21.6 bcf in 2010, mainly attributable to our Canolo/Zini and Carola/Irma projects;
  • 2C oil - Best estimate Contingent Resources of 10 million barrels (mmbbls) contained in 2 onshore discoveries namely Bagnolo in Piano and Ravizza;
Summary of Reserves and Resources
The following table summarises the Company’s 100 percent owned Reserves and Resources as of 31 December 2011.

  • Fantuzza Contingent Resources are subject to Company and FRL review - still ongoing
  • These figures are based upon independent evaluations in accordance with 2007 SPE/WPC/AAPG/SPEE Petroleum Resource Management System.
“Overall the Proved Reserves have decreased slightly, due in part to Sillaro production in 2011. Estimated total 2C Contingent Resources of gas contained in the balance of our portfolio has increased significantly, with variations in individual fields. The increase is largely due to upgraded estimates of our Canolo/Zini and our offshore Carola/Irma projects. We now have two onshore oil discoveries with 2C estimate of 10 million barrels,” said Mr Catalano.

A Technical Appendix attached to this release explains the key results of the review.



MEDIA CONTACTS:

Giovanni Catalano
Po Valley Energy
+39 06 4201 62 75

Michael Mullane
Cannings Corporate Communications
+ 61 2 8284 9990
mmullane@cannings.net.au

About Po Valley Energy
Po Valley Energy (ASX: PVE) is an oil and gas producer and exploration company listed on the Australian Stock Exchange. It has an expanding portfolio of hydrocarbon assets in northern Italy. Po Valley holds 11 license areas, encompassing 2,000 square kilometres 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 www.povalley.com

Competent Person’s Statement
Information in this report that relates to Hydrocarbon Reserves and or Resources is based on information compiled by Mr. Giovanni Catalano, CEO of Po Valley Energy who have consented to the inclusion of that information in the form and context in which it appears.

Mr Catalano has over 30 years experience in Exploration and Development in the Oil and Gas Industry. He is a member of SEAPEX and AAPG and holds a masters Degree in Geology from the University of Ferrara, Italy.


TECHNICAL APPENDIX

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