Po Valley Energy confirms Gradizza-1 gas discovery

9/13/2013

Po Valley Energy confirms Gradizza-1 gas discovery

ROME -- Po Valley Energy Limited has completed initial testing of the Quaternary gas bearing level of the Gradizza-1 well.

During the production test, the flow rate stabilised at 247,000 standard cubic ft/day (~7,000 standard cubic m/day) with a 3/16" choke. Well pressure recovered quickly throughout the testing period.

The well has been single completed with a gravel pack. Although no formation water was associated with gas production during the test, the clean-up process is not complete. The flow rate is expected to improve once clean-up is achieved.

Po Valley Energy will take the next few months to review the data and consider rigless testing to better evaluate the real reservoir capability. Following incorporation of the production test results in the reservoir model for the field, both the commercial potential and Contingent Resources of the Gradizza discovery will be determined and reported.

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