Po Valley selling two onshore oil licences in Italy
ASX-listed Po Valley Energy has advised of the sale of two onshore Italian oil exploration licences for $1.69 MM.
Po advised that it is selling its 85% interest in the fully awarded licence Cadelbosco di Sopra and 100% of the immediately adjoining licence Grattasasso to a private oil and gas company backed by a private equity fund based in London.
Po stated that completion of the transaction, which is subject to formal approval by the Italian Ministry of Economic Development, is expected to be received in the March quarter next year.
Proceeds from the sale will be used to finance part of the planned drilling of Po’s first well, Podere Maiar-1, on the Selva natural gas prospect in November, immediately north-east of Bologna, Po stated.