Po Valley Energy Limited · ASX · 9 October 2026
Po Valley Energy awaits Italian approval for a four-well Selva Malvezzi program planned for 2027
The company has filed its environmental impact assessment, and drilling of four gas wells can begin in 2027 only if the Ministry approves it.
Po Valley Energy (ASX:PVE) plans to drill four new gas wells in its Selva Malvezzi concession in northern Italy in 2027. The program depends on approval of an Environmental Impact Assessment (EIA), which the company filed with Italy's environment and energy ministry (MASE) on 26 June 2026. The company has given no date for a decision. Its only stated timing is "2027".
Why it matters
Selva Malvezzi is where the company's gas is already flowing. The Podere Maiar 1 well has produced continuously since July 2023, at about 80,000 standard cubic metres a day. The four proposed wells are relatively close to it and near the SNAM national pipeline.
The company operates the concession through a wholly owned subsidiary and holds 63%. Prospex Energy Group holds the other 37%.
What the wells target
The company's July 2022 resource report, shown net to its 63%, lists these gas estimates:
- Podere Maiar 1: 6.81 bcf of 2P reserves, adjusted for production to 31 March 2026
- Contingent resources (2C) at Ronchi and Casale Guida: 1.1, 5.6 and 2.2 bcf across three levels, which would add to 8.9 bcf if all were proven
- Prospective resources (best estimate) at Fondo Perino, Selva Malvezzi 1d and Riccardina: 9.2, 21.9 and 24.4 bcf
Prospective resources are undiscovered, so the drilling would test whether they exist.
What is uncertain
Approval is not assured, and its timing is open. Processing of a roughly 140 square km 3D seismic survey is "nearing completion", with interpretation to follow. That work is meant to inform where the wells go.
Some of the company's other figures are old. Its Bezzecca estimate dates from 2018 and its Carola/Irma and Castello estimates from 2012. The company's interest is not disclosed for several of its assets.
Elsewhere, the company holds 100% of Bagnolo in Piano, with a contingent oil estimate of 27.3 million barrels (P50), last stated on 31 July 2026. It also holds 100% of the Canolo gas resources.
The next milestones to watch are the Ministry's decision and the interpretation of the 3D seismic data.
Sources
- Po Valley Energy Limited, "Selva Malvezzi- EIA filed for four-well drilling program" (2026-06-29)
Written by Stockle from the company's own disclosures and Stockle's extracted data.
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