Rome, July 1, 2009 (ABN Newswire) - PO Valley Energy Limited (ASX:PVE) announced today the commencement of installation works on the Castello production field east of Milan.
The Italian contractor, Semat SpA, have commenced site activities today and expect to complete the civil works and plant installation within a target four-month schedule.
"All production plant and equipment has been built, factory tested and in storage awaiting completion of the 1st phase of civil works ready for installation. PVE is now in control of its development schedule for this field - a crucial hurdle for the Company" Mr Masterman said.
Castello is 78% complete and scheduled for start up in late October 2009 at an initial production capacity of 2.7 million cubic feet per day.
Po Valley Energy Limited (PVE) is engaged in the exploration for gas in the Po Valley region in Italy, and appraisal and development of gas properties. During the year ended December 31, 2006, the Company prepared and submitted production concession applications for Sillaro, Castello (aka Vitalba) and Sant Alberto (aka Santa Maddalena) fields. During 2006, eight new license area applications were submitted, of which PVE was awarded with the rights to proceed forward for five gas and oil exploration licenses applications in Italy. The additional licenses cover a total area of 1,610 square kilometers and are all contained within the petroleum provinces in northern Italy where the Company has focused its development options. The five license applications are Ossola and Opera located near Milan and La Prospera, Podere Gallina and La Risorta located near Bologna. The license areas contain eight new gas prospects and two new oil exploration targets.
Contact
Michael Masterman Po Valley Energy Tel: +61-417-851-303
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