Po Valley Selva Malvezzi EIA Admissible; New Hera Deal

Po Valley Energy Limited (ASX:PVE) said Italy's Ministry of Environment and Energy Security (MASE), which the release elsewhere calls the Ministry for Energy and the Environment, has confirmed the admissibility of the Environmental Impact Assessment for the Selva Malvezzi four-well drilling program, with a 60-day period for observations effective from 1 September. The company said it submitted the documentation before the end of June 2026 and that its technical team is prepared to answer queries raised during public consultation. Chairman and Chief Executive Officer Kevin Bailey said the company is accumulating cash to fund a drilling campaign for four additional wells that it hopes to commence in 2027 after receiving permitting from MASE.

Production and revenue figures in the release are stated in euros. Gross production from the Podere Miair well in August was approximately 2,500,000 standard cubic metres at an average price of 67 euro cents per scm, producing approximately EUR 1,670,000 of gross revenue, of which Po Valley's 63 per cent share was approximately 1,575,000 scm and approximately EUR 1,052,100. The body of the release describes August as the highest monthly revenue in over three years of continuous production, while its highlights describe it as a record for revenue from gas sales at the field. Separately, Po Valley's wholly owned subsidiary Po Valley Operations Pty Ltd, as operator, together with joint venture partners PXOG Marshall Limited and UOG Italia Srl, has signed a new gas sales agreement with Hera Trading S.r.l for a further 12 months, running from 1 October 2026 to 1 October 2027. The release states there is no automatic right to extend the contract, with the parties to commence extension discussions at least 30 days before 30 September 2027, and termination conditions standard for a contract of this nature.