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Test results confirm gas production potential at Vitalba1dirA

December 16, 2011

Po Valley Energy (ASX:PVE) is pleased to advise successful testing of the Pliocene SAN A2 sand level in Vitalba1dirA well, in the Cascina Castello concession.

During clean-up of the well, the flow-rate reached 2.6 million cubic feet/day with a 1/4” choke, stabilising at 1.4 million cubic feet/day with a 3/16” choke and 0.6 million cubic feet/day with a 1/8” choke. Initial pressure fully recovered in all cases. There was no water associated with the gas production.

The single completed well will be ready to be connected to the existing on-site gas treatment plant after the rig is demobilised.

“2011 has been a pivotal year for Po Valley. With this result confirming the potential of significantly increasing production at Castello and the progress made on the other elements of the Company’s development and exploration program, our team’s capacity to monetise our gas resources by delivering on our projects and prospects in the strong Italian gas market means we are well positioned for 2012,” Po Valley Energy CEO, Mr Giovanni Catalano, said.

Following full evaluation of the test results, production rates will be finalised. At this stage the Company estimates a daily production rate in the order of 0.7 million cubic feet/day. Revised reserves will be determined after initial well production data is incorporated in the static and dynamic model of the field.

Production from Vitalba1dirA is planned within January 2012.

MEDIA CONTACTS:

Giovanni Catalano
Po Valley Energy
+39 06 4201 62 75

Michael Mullane
Cannings Corporate Communications
(02) 8284 9990

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