Australian oil and gas explorer Po Valley Energy
(ASX:PVE) says it has become Italy’s newest gas producer with its first flows of gas into the country’s energy grid commencing over the weekend.
Po Valley says flows will steadily be increased to the planned operational level of 2.5 million cubic feet per day over the coming weeks.
CEO Michael Masterman says first gas has been a long time coming but the company is pleased that the commissioning of the new plant has gone smoothly and Po Valley has already banked its first revenue.
Mr Masterman says Po Valley expects its production to double shortly as the company remains on track to commence its second wholly-owned gas field, Sillaro, east of Bologna, early in 2010.
Po Valley posted a loss in calendar 2008.
