Po Valley Energy Limited · ASX:PVE

Po Valley Energy — Shareholder Meeting (May 2006)

15 slides from Po Valley Energy's shareholder meeting presentation, May 30, 2006

  1. Slide 1: May 2006

    30 May 2006 PIR SNC

  2. Slide 2: Company overview

    _ Companyoverview ——_ Po Valley Energy was established in 2002 to acquire, explore and develop hydrocarbon prospects in the Po Valley hydrocarbon province in Northern Italy The Po Valley, between the Alps and the Apennines, is the main gas production zone in Italy and has produced more gas than Aust

  3. Slide 3: Development projects

    Development projects a ALi f C Vilaloa | 2 Pancino A # a | Santa Maddalena © Page 2

  4. Slide 4: Value creation / risk reduction since IPO

    "Value creation / risk reduction since IPO. 3 out of 3 gasfields successfully drilled and tested to date; overall 70% increase in 2P reserves since IPO Successfully drilled Sillaro gasfield (2P reserves = 40.4 billion cf) = Discovered 2 new productive levels in Pliocene; +26% 3P reserves (to 15.8 bi

  5. Slide 5: Increased Total and Proven reserves

    "Increased Tote fl and Proven t reserves. Gas Reserve Summary — billion cf %y = 129.6 130.4 100%= 84.1 = 139.6 130.4 55% Possible + fo 84.1 Probable |:250% Proven At IPO 2004 2005 At IPO 2004 2005 AGM AGM AGM AGM @eeyalley sage

  6. Slide 6: Development Field Reserves

    Development Field Reserves (as estimated by consulting geologists, Ecopetrol) Remaining Recoverable R Exploration PVE eserves PVE Field Names Permit Interest Proven Probable Possible Total 1. Santa San Vincenzo 50% 6.4 7.1 8.6 22.1 Maddalena 2. Sillaro Crocetta 100% 10.4 30.0 16.3 56.7 3. Vitalba Ca

  7. Slide 7: Production test (Dec 2005)

    Production test (Dec 2005) C1 Logs identify three gas bearing levels over 100 metre gross interval » PL2C: 2,160 - 2,176 metre * PL2B: 2,218 - 2,239 metre *» PL2A: 2,239 - 2,257 metre Q) Strong flow test results * PL2C: 5.4 million cffday (5/16"“choke) » PL2B: 3.5 million cfiday (5/16*choke) » PL2C:

  8. Slide 8: Vitalba

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  9. Slide 9: Production test (Nov 2005)

    Production test (Nov 2005) L] Logs identify two gas bearing levels U] Flow of 1.8 million cf/day on %4” choke — this is the restricted flow for initial operations Good pressure recovery Production concession application in preparation by operator (Edison) aR NE eS ovalley Page 8

  10. Slide 10: Priority No. 1 - put Sillaro into production

    CI Priority No. 1 — put Sillaro into production = Production concession application = Pipeline connection and surface plant installation = Environmental approval (J Follow on with production from Vitalba and Santa Maddalena — initial flows >3.5 million cf/day (combined) Cl) Drill Bezzecca 1 (formerl

  11. Slide 11: Bezzecca (formerly Pandino) - 45 billion cf

    _ Bezzecca 1 — (formerly Pandino) — 45billion cf _ LAG i Joie Management and : Directors imspecting |. Pandino drill site oo. dune 2005. isn: Riese Bae ied seco oes meen Fah, IK tenia ie Hie ft Beealt Ce VALE BMG LTT Tor WET. Bepth Stricture kas Beosrstdieves Plesked bssroreevesrtt 9 Tyan povalley s

  12. Slide 12: Uncontested Applications

    Uncontested Applications PO VALLEY ENERGY LTD: italy Drainage Permit Location @eeyalley ose

  13. Slide 13: Italian gas price trends

    EUR/cubic metre AUD/'000 cubic feet Price change: Last Quarter = +15% Same Qtr Last Year = +54% 0.25 Price change: Last Quarter = +14% Same Qtr Last Year = +44% 11.27 7.12 0.14 , Jun Sep Dee Mar Jun Sep Dec Jun Sep Dec Mar Jun Se Dec 04 04 04 05 05 05 05 04 04 04 05 05 05 05 Source: Bilugas, Europea

  14. Slide 14: Value creation / risk reduction since IPO

    __ Value creation / risk reduction since IPO At IPO (Dec 04) Current (Feb 06) Production fields 1 3 Development fields 3 4 License Areas 1 9 1P reserves 10.1 billion cf 36.6 billion cf (+360%) one 105 billion cf 2P reserves 61.2 billion cf (+70%) Italian gas prices (well head) EUR 0.14/cm EUR 0.25/c

  15. Slide 15: Disclaimer

    | Disclai mer This presentation should not be considered as an invitation or recommendation to purchase securities in PVE. PVE has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. Accordingly, to the maximum extent p

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