The Cascina Castello concession area, east of Milan, contains the field Castello (Vitalba well) and was the Company's first gas field to enter into commercial production in 2009. The Bezzecca field was awarded the production concession in July 2014 through the enlargement of the existing Cascina Castello Production Concession.

The Vitalba well was drilled in 2005 and, in December 2009, the Company started gas production. Currently, production is running at limited rates in the order of ~ 5,000scm/day. The existing production plant will be used to treat gas from the nearby Bezzecca gas field, by way of a 7km gathering line.

The Bezzecca-1 well was drilled in March-May 2009 to a depth of 2,010 metres and it was tested across three gas bearing levels - in the upper Miocene and in the lower Pliocene.

The Bezzecca field data was evaluated in an integrated reservoir study comprising of seismic remapping, petrophysical evaluation and reservoir simulation. Following connection to the Castello plant, the phased development plan requires subsequent drilling of a second well (Bezzecca-2) to drain the structurally highest portion of the field.

In December 2014, a farm-out agreement was executed with Petrorep Italiana S.p.a. (‘Petrorep’) which permits Petrorep to earn a 10% interest in the Cascina Castello production concession including the existing Vitalba plant (excluding the Vitalba-1 well). For its 10% interest, Petrorep will commit to a promoted share of future costs relating to the 7km pipeline installation, exploration drilling expenditures for the development well Bezzecca-2 and reimbursement on past costs. PVE will retain the residual interest and operatorship.

As reported in the 2014 Annual Report, the field has proved net gas reserves of (1P) of 2.7 bcf and probable gas reserves (2P) of 3.8 bcf, with an initial production rate post commissioning of ~ 20,000 cubic metres per day which is expected to more than double upon completion of the Bezzecca-2 well.

In the Cascina Castello production concession (a short distance from the production facility of Vitalba), a new promising prospective area has been identified named West Vitalba. Fugro-CGG certified best estimate Prospective Resources of 4.6 bcf of gas.

The PVE technical team is working on an existing 3D seismic survey dataset to finalise well location and a drilling program for the prospect.