Update on Sillaro

May 3, 2016

Po Valley Energy Ltd (ASX: PVE) Italian based oil & gas exploration, development andproduction company with interests in Northern Italy, wishes to update the market about theworkover on its Sillaro gas field.

The workover has been conducted over the last 10 days with the objective of accessing gas volumes in the C1 reservoir and as a second priority, the B1 reservoir.

Testing of C1 has been inconclusive following perforation of the level and clean up and the perforation tunnel appears to be blocked. Repeated nitrogen lifting and acid spotting has not been successful in removing the blockage. B1 is assessed to be watered out.

The Rome based technical team will analyse the C1 peforation results and determine the next steps to access this main remaining level.

Production from the level C0 continued throughout the workover producing an average of 10,000 scm/day.

MEDIA CONTACTS:

Sara Edmonson

Po Valley Energy

+39 06 4201 62 75

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