press release on the Po Valley Bernaga Po Valley Operations has issued a press release on waiver instance "Bernaga. We report two things in particular of the words of Michael Masterman: first talks about "real gas" when it has always talked mainly of oil (perhaps a misprint), second confirms that the aims were to "two former industrial sites "forgetting to mention that he is a former furnace and a former farm in the heart of a Nature Park and a Site of Community Impor protected by the European Community. Here's the
:
"Milan July 31, 2009 - Po Valley Operations withdrew its request for a license to explore gas called Bernaga submitted in joint venture with Edison.
Michael Masterman, CEO of the Po Valley said
"Part of the project involves Bernaga a park close to a` highly urbanized area and the local authorities have expressed strong concerns about the formal approval of the instance.
"We analyzed these concerns and assessed the risk that the latter could lead to a conclusion of the proceedings without proper procedures of Environmental Impact Assessment (EIA) were completed. In this context, the project Bernaga could not receive the proper use and impossible was a dialogue with local communities based on evidence. "
"We continue to believe that the exploration activities would involve a very limited area underpinned by the presence of abandoned industrial sites. We regret for what happened also because we are more convinced than ever of the value of the project even in the scenario of an Italy that should seek to ensure energy independence and national exploration with less and less environmental impact. "
On August 3, 2009 a further announcement (in English) which takes part in the press release appeared on the Italian Po Valley site at:
http://www.povalley.com/s/NewsReleases.asp ? ReportID = 358575 & _Type = News-Releases & _Title = Joint-Venture-Relinquishes--Exploration Licence-Application-Near-Milan Lo riportiamo di seguito:
"August 03, 2009
Joint Venture Relinquishes Exploration Licence Application Near Milan --------------------------------------------------------------------------------
Equal joint venture partners, Po Valley Energy (ASX: "PVE") and Edison, in consultation with Italy's Energy Ministry, have voluntarily relinquished the Bernaga licence application area north of Milan.
Although the joint venture was granted 'preliminary award' of Bernaga (formerly called Ossola) in October 2006, the licence remained at the application stage, awaiting full grant.
"Part of the Bernaga licence area covers a nature reserve close to urban areas, and the approvals process generated local concerns about formal grant of an exploration licence," Po Valley's Chief Executive Officer, Mr Michael Masterman, said today.
"We took note of these concerns and concluded that the prospects for the normal Italian environmental impact evaluation of the Bernaga application, fact-based community consultation, and therefore for full licence grant, were low," Mr Masterman said.
"Exploration within the licence application would have involved minimal environmental impact, including making use of former industrial areas -- backed by Po Valley's track record of conducting our affairs in full compliance and sensitivity with all environmental laws, regulations and values."
"Our decision to withdraw from the Bernaga application Was not made lightly and, while disappointing, Was Judged The Most Practical course of action. "
" The Company remains Convinced of the value to Canada of Partly addressing the ITS energy security through environmentally sensitive domestic exploration. "
Po Valley's other preliminary Awarded Licences in Italy are not impacted.
Mr Masterman Said the Company's commencement Was The main priority in the coming months of ITS first Italian gas production - from the Castle and Sillaro fields.
