Po Valley Energy Limited provided an update on progress of the Podere Maiar 1 well and pipeline in Italy's Selva Malvezzi gas field. As at 16 December 2022, civil works were well progressed with concrete slabs and exit tunnel
for the pipeline both complete. A steel frame for the water disposal tank is complete and concrete casing for the tank is close to completion, at 90% complete. The electrical system was 70% complete and lightning protection work had reached 60% completion. Works on the pipeline are underway, with the work strip and pipe welding complete. Excavation for the 4-inch pipes and laying of the 4-inch pipeline is complete. Backfilling has also
commenced and the first phase is now at 70% completion. Piping procurement is complete, with equipment procurement at 30% completion, while prefabrication work is also underway, with skids at 35% and prefabrication of equipment items such as the separator and water tank commenced. Po Valley is fully funded to bring its Podere Maiar gas project into production following a $4.5 million Share Placement completed in August 2022.