Po Valley Energy Limited (PVE), the Northern Italy focused gas and oil exploration and production company, has been awarded a preliminary exploration permit for a new offshore licence – Torre del Moro – by the Italian Ministry for Economic Development. The exploration permit is located in Emilia-Romagna adjacent to Po Valley’s 100% owned Terra del Sole exploration permit, around 55 km south east of Bologna, and covers an area of 111 square kilometers. Po Valley has been invited to submit the necessary environmental impact study that, on acceptance, will lead to the final award of the permit.
Commenting on the award, Giovanni Catalano, Managing Director of Po Valley said: “This project increases the Company’s exploration targets in an attractive area adjacent to our Terra del Sole permit. It will allow the Company to fully evaluate structures within the two contiguous blocks and will help progress potentially attractive leads to drillable status.”
The Po Valley region is the main gas production zone in Italy. Po Valley Energy (PVE) is an oil and gas producer and exploration company listed on the Australian Stock Exchange. It has an expanding portfolio of hydrocarbon assets in northern Italy. Po Valley holds 11 license areas, encompassing 2,000 square kilometres and owns and operates two gas treatment plants, Silllaro and Castello which provide the Company with steady cash flow.