www.povalley.com
Po Valley Energy is a leading independent Oil and Gas enterprise growing rapidly from quiet, results-driven beginnings. The Company currently operates exclusively in northern Italy exploiting the large hydrocarbon system, and it is now a gas producer in the fast-growing Italian market as it brings its first 2 fields into production - with more to come. All of the Po Valley Energy's fields are in very close proximity to the pipeline grid and major consumers in the north of Italy.
Po Valley Energy appoints Giovanni Catalano as new CEO
Oil and gas explorer Po Valley Energy (ASX:PVE) has appointed Giovanni Catalano as new chief executive officer, effective from 11 October 2010. Catalano succeeds Michael Masterman, the founding CEO of the company who will move to a non-executive role as deputy chairman.
Catalano joined the Po Valley team in July this year as deputy chief executive officer and chief operating officer and has 32 years experience in the upstream oil and gas industry.
Prior to joining Po Valley, Catalano was CEO of Mediterranean Oil & Gas plc (LON:MOG) in the UK and Italy. Prior to that, he was with Woodside Energy (ASX:WPL) as business development manager – Far East, and later North Africa.
Masterman has been CEO since founding Po Valley in 2002, overseeing its successful IPO and ASX listing in 2004. During this time, Po Valley has progressed from an exploration company, through development to a gas production company with two fields currently in operation.
Catalano’s remuneration package consists of a fixed remuneration of EUR180,000, short term incentives of up to 50% of base salary payable on achievement of agreed annual performance objectives and retains his existing retention bonus which is being paid through the issue of shares and cash in four tranches between June 2010 and December 2011.
