PO VALLEY ENERGY LIMITED

Po Valley Energy is an Australian gas exploration and production company with over 20 years of experience and focused on onshore natural gas development in northern Italy. The company is nearing its first gas production at its 63%-owned Selva Malvezzi license where the Podere Maiar-1 well is set to come online in the first half of 2023.

Selva Malvezzi holds net 2P reserves of 8.4 Bcf of natural gas with additional contingent resources of 8.9 Bcf both net to Po Valley's interest. The initial Podere Maiar-1 development has low capex at €3.45 million gross and is targeting initial production of 80,000 cubic meters per day. Further near-term development potential exists at the Selva North and South areas.

Po Valley also holds a 100% interest in the offshore Teodorico gas field containing 37 Bcf of 2P reserves. The company has additional earlier-stage exploration acreage including the Torre Del Moro onshore gas prospect.

With first gas sales imminent at Selva Malvezzi and a pipeline of both near-term development and longer-term exploration opportunities, Po Valley Energy is positioned as an emerging gas producer capable of supplying attractively priced gas into the growing Italian domestic market.