Preliminary Award of Production Concessions

The Italian Ministry has formerly notified Po Valley Energy of the preliminary award of production concessions for both of their 100% owned Sillaro and Castello gas fields in Northern Italy.

The full grant of production concessions remains subject to environmental approval. The Environment Impact Assesment processes are both well advanced and the required statutory review periods are now complete. The company expects issue of the associated decrees from the Emillia Romagna (region of Bologna) and Lombardia (region of Milan) during November.

Issue of the preliminary award of the Production Concessions marks the achievement of an important regulatory hurdle in the process leading to first gas production for the Company. It follows the recently announced award of contracts for the drilling of a second production well in Sillaro and construction and installation contract for the surface plant equipment on the two fields.

Michael Masterman said: "We are pleased to have achieved this important milestone. Po Valley Energy is the first of the new entrants since the deregulation in 1997 that have been granted preliminary award of a production concession. We remain the most successful new explorer having made three of the five new onshore gas field discoveries since deregulation"

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