Italy–resource focused Po Valley Energy (ASX: PVE) has reported that legal action in relation to the preliminary award of the Azzurra (AR168PY) exploration licence to Po Valley has been resolved in favour of the Ministry and Po Valley.
Po Valley received the preliminary award of the Azzurra licence, located offshore in the Adriatic, on 9 July 2008 and has since received environmental clearance for grant of the licence.
In October 2008, the unsuccessful bidder for the licence commenced legal action against the Ministry in relation to the grant of the preliminary award to Po Valley.
The case was heard by the Regional Administrative Tribunal in June 2010 and its decision was handed down this month. The Tribunal rejected the claims of the unsuccessful bidder, finding in favour of the Ministry and thereby clearing the way for the final grant of the licence to Po Valley.
Po Valley expects to receive final grant of the licence in the second half of 2010 and plans to commence key geological work in the interim.
The Azzurra offshore exploration licence application covers an area of 526 km2 in the north Adriatic and includes four gas discoveries – Irma-Carola, Adele, Azzurra, Ginevra.
On July 6 the company reported output topping 10 million cubic metres of gas at its Castello field in northern Italy for the period from production start to 30 June 2010.
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