St Alberto is expected to come online in 2010. How much additional revenue is this expected to receive?
I think this is expected to produce around 2 million cf/day (against 2.7 and 3.8 for Castello and Silaro respectively). And I wouldn't expect it online before end 2010 at earliest.
It will be a while before additional wells start producing, but once they have production from Castello and Silaro that should, as you suggest, justify a valuation over $200 million by itself. That will also make further capital raisings unnecessary, which may make investors start valuing the exploration prospects more highly - and Po Valley will have the money to drill them at a much greater rate.
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