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Vitalba 1dirA Well - Preparation Work Started

August 22, 2011

Po Valley Energy Limited (ASX:PVE) is pleased to announce that civil work for the drilling of the Vitalba 1dirA well has started. The deviated well is a critical step in the Company’s plan to recommence production at the Castello gas field.

The Company has contracted LP Drilling Srl for its hydraulic drilling rig HH200, the same rig that was used to drill the Bezzecca and Sillaro-2dir wells.

The drilling operation is scheduled to start immediately after rig HH200’s current obligations with Gas Plus Spa are fulfilled. The current estimate of spud date is the end of September.

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 expected to recommence towards the end of 2011.


The Company also announced that, in line with the Sillaro field development programme, it has closed gas-producing level ‘E’ and is opening level ‘C0’.

No regulatory approval is needed for this procedure. There will be a short interruption to production on one of the two producing wells while these activities are completed.

The level ‘E’ has performed above expectations with a gas production 50% above the original estimated 1P reserves (0.21 bcf vs. 0.14 bcf).

About Po Valley Energy

Po Valley Energy (ASX: PVE) is an oil and gas producer and exploration company listed on the Australian Stock Exchange. It has an expanding portfolio of hydro carbon assets in northern Italy. Po Valley holds 11 license areas, encompassing 2,000 square kilometers 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 www.povalley.com

MEDIA CONTACTS:
Giovanni Catalano
Po Valley Energy
+39 06 42 01 26 675

Michael Mullane
Cannings Corporate Communications
(02) 8284 9990

Competent Person’s Statement
Information in this report that relates to Hydrocarbon Reserves and or Resources is based on information compiled by Mr. Giovanni Catalano, CEO of Po Valley Energy who have consented to the inclusion of that information in the form and context in which it appears.

Mr. Catalano has over 32 years experience in Exploration and Development in the Oil and Gas Industry. He is member of SEAPEX and AAPG and holds a masters degree in Geology from the University of Ferrara.

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