Australia's Po Valley nears gas production at Italy project; shares up

Po Valley Energy

02/06/2022 04:24

** Shares of Po Valley Energy  PVE.AX  rise as much as 16.7%
to A$0.035, their highest since May 4
    ** Co, which owns a portfolio of natural gas fields, gets
penultimate approval to begin production at Selva Malvezzi gas
field in Italy  urn:newsml:reuters.com:*:nASX8DmjZv
    ** Says Regional Council of the Emilia Romagna Region
approved the issue of a local government production agreement, a
pre-requisite for Italy's Ecological Transition Ministry (MiTE)
to grant a final production concession
    ** Says concession will allow co to install gas plant and a 
pipeline at the field; it expects first production in H1 CY2023
    ** Shares mark their biggest intraday gain since May 3
    ** Volumes are 3.5 times the 30-day average of 276,901
shares
    ** As of last close, stock up 20% this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))