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Po Valley Energy reports record gas revenue
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Po Valley Energy reports record gas revenue

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  • Po Valley Energy signed a new 12-month gas sales agreement with Hera Trading.
  • The company achieved record monthly revenue at Podere Maiar in August.
  • MASE approved the environmental impact assessment for the Selva Malvezzi drilling programme.

Po Valley Energy (ASX:PVE) generated ~€1.1 million in net monthly revenue during August from its Podere Maiar well.

The August performance represented the highest monthly revenue in over three years of continuous production at the field.

PVE Chairman and CEO Kevin Bailey said, "Renewing the GSA with a local offtake partner of Hera's standing, based in Bologna, continues to demonstrate our commitment to the local economy."

Gross production reached ~2,500,000 Scm at an average price of €0.67 per Scm, while Italy’s MASE initiated a 60-day public observation period for the Selva Malvezzi four-well drilling programme.

Following the announcement, the Po Valley Energy share price was unchanged at $0.070.

Po Valley Energy operates as a natural gas producer focused on developing assets in northern Italy.

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