Po Valley Energy : new Italian gas well to be flow tested next month after being cased for production

December 21, 2017

A new Italian gas production well for Australia's Po Valley Energy Limited ('PVE' or the 'Company'), is to be flow tested next month after being successfully cased for production.

The Company announced today that it had successfully cased, perforated and completed the Podere Maiar 1dir exploration well on the Selva gas field within the Podere Gallina Exploration licence in Northern Italy (PVE 63% Operator; United Oil & Gas Plc 20%; Prospex Oil & Gas Plc 17%). Perforations of a total of 11m were executed successfully on two identified gas reservoirs C1 and C2 in the Medium-Upper Pliocene sands of the Porto Garibaldi Fm. The well is now completed (single selective) for production and is 'on gas'. Rig demobilisation is underway and flow testing on a rigless basis is scheduled for early January 2018. Full flow test results will be reported at that time.

Log analysis including pressure testing has delineated two gas bearing reservoirs with a total gross of 62m and a net pay of 41m. The thickest level C2 (net pay 25.5m) which runs from 1282.5mMD to 1328.5mMD with a Gas Water Contact ('GWC') at 1320mMD has been perforated over a combined 8.5m and is expected to be the largest reservoir and producer. The shallower level C1 (net pay 15.5m) runs from 1253.5mMD to 1275.5mMD with a GWC at 1270.5mMD and has been perforated over 2.5m in the uppermost portion. Both sands have excellent reservoir properties, with porosities averaging more than 28%.

Po Valley Energy Limited CEO, Mr Michael Masterman: 'We are very pleased with the results to date and that the well has been completed on budget and on schedule. The Po Valley operations team and JV Partners have executed strongly and we keenly await flow test results in the New Year. We have identified two gas bearing reservoirs and the net pay zones are very much in line with our pre-drill expectations.'

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