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Vitalba And Sillaro Gas Production Update

March 2, 2012

Po Valley Energy (ASX:PVE) is pleased to announce that its Castello and Sillaro fields are currently producing at a combined daily rate of 77,000 standard cubic meters per day (2.7 million cubic feet per day), following stabilisation of the Viitalba1dirA well at Castello and resumption of production of the Sillaro 1 well.

Production from the Pliocene SAN A2 sand level at the Vitalba1dirA well which started in early February has stabilised at a rate of 17,000 standard cubic meters per day (0.6 million cubic feet per day). As previously stated, the Company is working on a static and dynamic model of the Castello field which will incorporate new production data and update the proven and probable reserves.

Po Valley Energy also advises that gas production at the Sillaro field has recommenced from the Sillaro 1 well, resulting in cumulative production from both wells of 60,000 standard cubic meters per day (2.1 million cubic feet per day).

Production at the Sillaro field was impacted in January by the severe weather conditions affecting northern Italy recently, with the colder winter temperatures causing an increase in condensate production. As a precautionary measure, the Company suspended production from the Sillaro 1 well, where the condensate was suspected to have originated from level PL2 C1+C2, while the Sillaro 2 well continued to operate.

The gas condensate situation has been thoroughly evaluated and, as a result, the PL2 C1+C2 producing level of the Sillaro 1 well was suspended and the new level PL2 B1 opened, currently producing at a stabilised rate of 17,000 standard cubic meters per day (0.6 million standard cubic feet per day). Although the condensate levels are low, the Company will install condensate processing equipment before reopening level PL2 C1+C2.

MEDIA CONTACTS:

Giovanni Catalano
Po Valley Energy
+39 06 4201 62 75

Michael Mullane
Cannings Corporate Communications
+ 61 2 8284 9990
mmullane@cannings.net.au

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 hydrocarbon 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

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