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Stronger flow test results at Gradizza-1 well

December 4, 2013

Po Valley Energy Limited (ASX: PVE) is pleased to inform the market that it has successfully completed rigless testing at the Gradizza-1 gas discovery, which was drilled in September.

Testing was completed over 5 days on different chokes. Flow rates stabilised at ~15,000 standard cubic metres/day with a 3/16” choke increasing by 114% or ~8,000 standard cubic metres/day compared to the test carried out post completion. Well pressure following build up and shut in recovered quickly and no formation water was associated with gas production.

The improvement in tested flow rates reflects a continued clean up of the well and reduction through gas flow of the formation damage around the perforations and gravel pack.

MEDIA CONTACTS:
Sara Edmonson
Po Valley Energy
+39 06 4201 62 75

About Po Valley Energy
Po Valley Energy (ASX: PVE) is an oil and gas production and exploration company listed on the Australian Stock Exchange. It has an expanding portfolio of hydrocarbon assets in northern Italy. Po Valley holds 12 license areas, encompassing 2,000 km2 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 http://www.povalley.com

Additional information
The Gradizza structure is located in the Ferrara province north of Bologna and consists of a sandstone Quaternary target (Asti sands Fm.) at a total measured depth of 856 metres. The well intersected a 10 metres gross gas column, with 9 metres of net gas sand. The Company holds a 75% equity interest in the La Prospera Licence.

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