August 22, 2011
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
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
Po Valley Energy
+39 06 42 01 26 675
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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