Petrorep farmin for Po Valley

An Italian fan cheers before the start of the Euro 2012 championships football match Spain vs Italy on June 10, 2012 at the Gdansk Arena

Po Valley: The farmin is in line with Po Valley's goals, chief executive Giovanni Catalano said.

AFP/SCANPIX

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Andrew Hobbs

 15 June 2012 09:17 GMT

Australia-listed Po Valley Energy (PVE) has completed a farm-in agreement which will see Italy’s Petrorep Italiana earn a 15% stake in the company’s Cadelbosco di Sopra exploration licence in northern Italy.

Under the deal, Petrorep will earn a 15% stake in PVE’s upcoming work programme for the permit, including the drilling of the Zini 1, Canolo 1D and Canolo 2D exploration wells, for which a drilling approval process is in progress.

The deal will also allow the company to earn 15% of the La Prospera exploration licence, also located in the Po Valley region, subject to the fulfilment of certain conditions precedent.

The licence includes one well, the Gradizza 1, which was at the final stage of the drilling approval process, the company said.…

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