News & ASX Releases

Update on Gradizza and debt facility

December 20, 2013

Po Valley Energy Ltd (ASX: PVE) provides the following update on the Gradizza gas field.

The Company recently reported the completion of its rig-less test on its newly drilled Gradizza-1 well which confirmed commercially viable gas flows. Following ongoing review of these test results, the Company and its farm-in partners have agreed to proceed to apply for a Production Concession. The Production Concession Application is expected to be filed in the first quarter of 2014.

The Company’s technical team continues to analyse the production test results in order to determine the Contingent Resources of the field which is planned to be completed in time for the next quarterly report in late January 2014.

Separately, the Company further advises that on 30 November €1 million was paid down under its reservoir financing facility with Nedbank. A further repayment of €500,000 is scheduled for 31 December which will bring the total repayments by the end of the calendar year to €1.5 million and the amount outstanding under this facility as at 31 December will be €3.5 million. As a result the Company will have substantial headroom under its financing facility to support future investment in production facilities in the year ahead.

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

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