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.
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
The Company’s web site is http://www.povalley.com
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