egolinews.com

Po Valley Energy Limited (PVE) said its first flows of gas into Italy’s energy grid commenced over the weekend. The company said that flows from its Castello gas field east of Milan had built up to around 1.5 million cubic feet of gas per day after initial start-up late last week.

CEO, Michael Masterman, said the company was pleased commissioning of the new plant had been efficient and Po Valley has already banked its first revenue.

“Flows will be steadily increased to the planned operational level of 2.5 million cubic feet per day over the coming weeks”, Mr Masterman said.

“We are proud to be a pioneer in delivering new sources of secure domestic supplies to the Italian gas market, which is largely dependent on imported gas.”

Mr Masterman said the company was on course of being a substantially different company in 2010 as it makes the transition from gas explorer and developer to gas producer.

“We expect our production to double shortly as the Company remains on track to commence commissioning our second wholly-owned gas field, Sillaro, east of Bologna, early in 2010,” he said.

As at 1115 AEDT, Po Valley shares were up 11c to $1.50.  

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