• Steady gas production from PM-1 averaging ~80,000 scm/day
• Robust gas prices with average weighted gas sales price at €0.46/scm
• Significant progress on Selva development program, including drilling applications and environmental impact studies

Po Valley Energy Limited (ASX: PVE) has reported its Quarterly Activities Report for the period ending 31 December 2024, highlighting the company's continued progress across its gas exploration, development, and production assets in northern Italy. Key highlights include steady gas production from the Podere Maiar-1 (PM-1) well, averaging approximately 80,000 scm/day and meeting predicted levels of production. The company also reported robust gas prices, with the average weighted gas sales price for the quarter at €0.46/scm, a 22.5% increase from the prior quarter due to strong market conditions. Quarterly production was 7,323k scm of gas (on a 100% basis), with Po Valley's 63% share at 4,614k scm, and revenue for the quarter was €3.38 million (100% basis), with Po Valley's 63% share at €2.13 million. The company also made significant progress on its broader Selva development program, with drilling applications for four new wells filed in the September quarter 2024 and environmental impact studies submitted in December 2024. Preparation for the 3D geophysical survey acquisition on the Selva Malvezzi Production Concession was also advanced during the quarter. Additionally, the company is reviewing optimal development paths for its other exploration assets, including the potential for introducing third-party investors or partners. Financially, the company reported net operating cash flows of €1.118 million for the quarter and ended the period with a cash balance of €4.994 million (~A$8.357 million), putting it in a strong position to continue its development plans.

The company did not provide any high-importance, price-sensitive forward-looking financial metrics in the announcement.

The company did not provide any forward-looking outlook in the announcement.