Po Valley Energy Limited announced that it has drilled Gradizza-1 in the La Prospera exploration permit in early September 2013 and carried out additional rigless testing in November. The production test results, together with the reservoir static model, confirmed its commercial viability. Gradizza-1 is located on the top of the crest and intersected 10 metres of net gas sand.

No Gas Water Contact was detected. The well intersected less net pay than pre drilling estimates resulting in a decrease of the 2C Contingent Resources compared to previously reported Prospective Resources. Prospective Resources are now reclassified as Contingent Resources.

A subsequent seismic Interpretation of 68km of EN I seismic lines identified the Gradizza prospect. The Gradizza structure consists of a sand stone Quaternary target at a total measured depth of 856 metres.