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Po Valley Energy CEO To Step Down

Italy-focused Po Valley Energy's (PVE:ASX) CEO Giovanni Catalano has stepped down from that position today.

Catalano, has worked under a consultancy agreement since October 2010, will also resign as a director but will continue to work for up to three months to ensure a smooth transition to other members of management during this period.

Sara Edmonson, currently the Company's chief financial officer, will assume the role of Acting CEO upon Catalano's departure.

Chairman Graham Bradley, said "Giovanni has worked hard over the past 2.5 years to advance the company's interests and operations in a difficult regulatory and political environment in Italy.

"We are grateful for his accomplishments, which include building a capable team in Rome, farming out interests in the forthcoming Gradizza-1 exploration well, negotiating a new reserve based lending facility with NedBank to secure future funding and advancing the company's attractive portfolio of future exploration assets."