April 17, 2012
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:
Summary of Reserves and Resources
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
- 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;
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
“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
A Technical Appendix
attached to this release explains the key results of the review.
Po Valley Energy
+39 06 4201 62 75
Cannings Corporate Communications
+ 61 2 8284 9990
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
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.
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