Vitalba1dirA - Drilling Status Report - 2

November 15, 2011

Po Valley Energy (ASX:PVE) wishes to provide the market its second Drilling Status Report for the Vitalba1dirA well in the Cascina Castello concession.

Side track preparation is continuing with a slight time delay due to a change in programme in regards to the removal of the 7” casing.

The planned total depth (“TD”) of the well is approximately 1,750 metres Measured Depth (“MD”)

Time of Report	12:00 Italy time
Well Depth	MD 770 metres
Current Operation	Milling 7” casing
Forward Operation	Preparing whipstock at 540 MD metres for kickoff of new sidetrack, open window in 9”5/8 casing and drilling ahead the 8”1/2 phase

MEDIA CONTACTS:

Giovanni Catalano
Po Valley Energy
+39 06 4201 62 75

Michael Mullane
Cannings Corporate Communications
(02) 8284 9990

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