Po Valley Energy to update on Italian gas progress during Proactive CEO Sessions

  • Mar 04, 2019
  • Proactive Investors

Po Valley Energy Limited (ASX:PVE) has posted a maiden gas reserve estimate for the onshore Selva Malvezzi field in Italy with the company’s progress to be outlined at next week’s Proactive CEO Sessions.

Maiden gas reserves of 13.3 billion cubic feet equate to 8.38 billion cubic feet of net 2P reserves attributable to the company’s 63% ownership of the project.

The company’s CEO Michael Masterman will speak about how the project partners are de-risking the field northeast of Bologna and advancing it towards production as well as other company efforts in Italy.

He will present at the Sydney session on Monday, March 11 and at the Melbourne session the following day, Tuesday, March 12, with seats still available at both.

Apart from Po Valley’s stake, United Oil & Gas PLC has 20% and Prospex Oil & Gas has 17%.

The maiden reserve estimate was prepared by France-based geophysical services consultancy CGG from previously reported gross contingent resources and includes results from new drilling on the field last year.

Masterman said last month: “As well as Selva, there is additional prospectivity within both the Selva Malvezzi production concession including the East Selva, Fondo Perino, Selva South Flank and Riccardina structures, and in the Podere Gallina Exploration licence with the Cembalina prospect.

“The filed partners plan to acquire 3D seismic data over these additional structures later this year which will inform further development drilling activity in the production concession.

“We are totally focused on progressing Selva toward first gas in 2020 at a gross rate of up to 150,000 cubic metres per day.

“At this rate, Selva will be generating significant cash flow for Po Valley with longer-term upside from the licence’s additional prospectivity.”

He said the robust Selva reserve reinforced the company’s strategy of securing exposure to the surging Italian domestic gas market where prices throughout 2018 rose more than 50%.

Register for the CEO Sessions today to find out more:

Also featuring at both sessions will be Carnarvon Petroleum Ltd (ASX:CVN), Bass Oil Ltd (ASX:BAS) and High Peak Royalties Ltd (ASX:HPR).