PVE - Selva Malvezzi Operational Update
Released
Released
Announcement PDF
ABN 33 087 741 571
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ASX ANNOUNCMENT – 4 SEPTEMBER 2026
Po Valley Energy Ltd (ASX:PVE)
PO VALLEY ENERGY – SELVA MALVEZZI OPERATIONAL UPDATE
Highlights:
• Italy’s Ministry of Environment and Energy Security (“MASE”) confirmed admissibility of the
Environmental Impact Assessment (“EIA”) for the Selva Malvezzi four-well drilling program
with 60-day public observation period now underway.
• Strong realised gas prices of €0.67/scm during August, benefiting from supportive
European gas market fundamentals and setting a record for revenue from gas sales at the
field
• New 12-month gas sales agreement signed with Hera Trading S.r.l commencing 1 October
2026
Po Valley Energy Limited (ASX:PVE) (“Po Valley Energy”, “Po Valley”, or the Company) is
pleased to announce that Italy’s Ministry for Energy and the Environment (“MASE”) has
confirmed the admissibility of proceeding with the Selva Malvezzi Environment Impact
Assessment (EIA) with 60 days for observations starting effective from September 1st.
The team at Po Valley submitted the documentation before the end of June1 and we are
delighted that the Ministry has accepted and are proceeding with the next steps of the process.
Our technical team is well prepared to answer any queries that may be raised in the process of
public consultation.
Gas prices remain at a high level and Po Valley achieved record revenue for the month of
August. It was the highest monthly revenue in over three years of continuous production. The
Podere Miair well continues to perform consistently with gross production in August at
~2,500,000 Scm for the month at an average price of 67 euro cents per Scm, producing
~€1,670,000 gross revenue for the month (63% to PVE is ~1,575,000 Scm volume and
~€1,052,100 revenue).
Po Valley Energy has also, through its wholly owned subsidiary Po Valley Operations Pty Ltd
(PVO) as operator along with JV partners PXOG Marshall Limited (PXOG) and UOG Italia Srl
(UOG) (“Prospex Group”), signed a new gas sales agreement (GSA) with Hera Trading S.r.l for a
further 12 months from 1st October 2026. This follows on from last year's successful
agreement2 and cements all parties' commitment to supply locally produced gas to the
community.
1 Refer ASX announcement 29 June 2026
2 Refer ASX announcement 21 August 2025
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Key terms of the GSA include:
Parties PVO, PXOG, UOG (JV Partners) and HERA
Start date 1 October 2026
End date 1 October 2027
Extension of contract No automatic right to extend, parties to commence extension
discussions at least 30 days before 30 September 2027
Termination rights Termination conditions standard for a contract of this nature
including gas quality and delivery specifications and payment
SNAM delivery point Budrio 50202301
Gas supply volumes
(estimate) - standard
cubic metres (scm)
28,185,300 scm for the thermal year ending 1 October 2027 (12
months)
GSA gas pricing Linked to PSV Day-Ahead from Italian Gas Index (IG INDEX GME)
"IG Index GME" is the reference index of the Italian Natural Gas
Market. It is calculated by GME for each gas day as the arithmetic
average of the prices of trades concluded in the 17:15–17:30 time
bracket (including endpoints) in the continuous-trading Day-Ahead
Gas Market (MGP-GAS) and in respect of Day-Ahead and WE
products.
Information on the “Methodology for calculating the Italian Gas
Index IGI” published by the GME (Gestore Mercati Energetici) and
is publicly available.
PVO supply volume
nominations
PVO to provide provisional nominations monthly, weekly and
daily
Actual and binding nominations required by 5pm (Rome time) on
any day
Nomination tolerance of +/- 10%
GSA payment terms GSA includes detailed invoicing process for gas sales and SNAM
transport costs. Settlement and payment process completes 20
days after month end.
Contract management PVO as operator will handle exclusively the contractual
management relating to appointments, nominations, calculation
of transportation costs, price and revenue calculations.
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PVE Chairman and CEO, Kevin Bailey says," The record month of August has been a welcome
addition to our treasury as we accumulate cash to fund our drilling campaign for four additional
wells that we hope to commence in 2027 after we have received permitting from MASE. The
commencement of the 60 day observation period is a welcome development and we are
proceeding as planned. Renewing the GSA with a local offtake partner of Hera's standing, based
in Bologna continues to demonstrate our commitment to the local economy."
This announcement was approved for release by the Board of Directors of Po Valley Energy
Limited
Enquiries to:
Mr Kevin Bailey AM
Po Valley Chairman
+61 417 556 458
To ask questions directly to Po Valley Energy, view this report and access media content, visit
our interactive investor website at: https://povalley.com/link/Pb6wkP
Registered Office Rome Office
Level 5/191 St Georges Terrace
Perth WA 6000
Australia
info@povalley.com
Via Isonzo 34,
Rome, 00198
Italy
TEL +39 06 4201 4968
FAX +39 06 4890 5824
Directors
Mr. Kevin Bailey AM, Chairman and CEO
Ms. Sara Edmonson, Non-executive Director
Mr. Joseph Constable, Non-executive Director
Ms. Katrina O’Leary, Non-executive Director
Mr. Michael Gentile, Non-executive Director
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