Vitalba 1dirA well - Mobilisation of the rig commenced

October 24, 2011

Po Valley Energy Limited (ASX:PVE) is pleased to advise the market that the drilling contractor has commenced the mobilisation of the hydraulic rig HH200 to the Castello permit to drill the Vitalba1dirA well.

The well is expected to spud within month’s end. The workover is estimated to take about 35 days.

The Vitalba-1dirA well will be deviated from the current Castello gas plant location and connected to the existing production plant. Subject to drilling success, production is still expected to recommence around the end of 2011.

MEDIA CONTACTS:

Giovanni Catalano
Po Valley Energy
+39 06 4201 62 75

Michael Mullane
Cannings Corporate Communications
(02) 8284 9990

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