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.
Po Valley Energy
+39 06 4201 62 75
Cannings Corporate Communications
+ 61 2 8284 9990
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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