Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 July 2012asset acquisition disposition▲ GoodMajor
Final award of the AR94PY offshore permit in the Adriatic (previously AR168PY), the company's first offshore permit. It holds the Carola and Irma gas discoveries with 2C of 24.8 bcf. The company will buy 3D seismic and plan development.
19 June 2012director officer appointment● Neutral
Kevin Eley, former HGL chief executive of 25 years, joins as non-executive director, replacing retired David McEvoy. CEO Giovanni Catalano also becomes managing director.
15 June 2012farm in farm out agreement▲ GoodMajor
Petrorep Italiana can earn 15% of the Cadelbosco di Sopra licence, which covers the Zini-1, Canolo-1D and Canolo-2D wells, and 15% of La Prospera (Gradizza-1) via an option. Petrorep pays a promoted share of drilling costs plus past costs. Subject to Ministry approval. First farm-out of the strategy.
30 May 2012director officer appointment● Neutral
Administrative notice that non-executive director David McEvoy retired at the 28 May AGM, with his final director's interest notice attached. Board departure already flagged earlier.
28 May 2012other● Neutral
AGM address: the chair says some farm-in talks are at an advanced stage and the company is also working on options to raise fresh capital. First-half EBITDA is expected above €2.0m, helping reduce debt in the second half. Castello is deliberately restrained.
28 May 2012investor presentation● Neutral
AGM presentation by the CEO. It repeats 2011 results and reserves. Year to 30 April 2012: production about 7.7m m3, revenue about €2.8m, EBITDA about €1.8m, cash about €0.9m. Text is truncated, so no new substance is visible.
21 May 2012regulatory community update● Neutral
Company says Castello and Sillaro appear undamaged by the 20 May earthquake in the Po Valley region and are producing normally. No plant or equipment damage is evident.
27 Apr 2012investor presentation● Neutral
New York investor presentation repeating known 2011 results and the Fugro reserves. It shows market cap of A$15.5m at 31 March 2012 and Masterman at 25.0%, Hunter Hall at 18.4%. No new announcements.
26 Apr 2012annual report● Neutral
Full 2011 annual report. Repeats known results: revenue €9.1m, EBITDA €4.4m, net loss €5.1m after the €5.8m Castello write-down. It adds that director David McEvoy retires at the AGM and that the board is seeking farm-in partners.
17 Apr 2012resource reserve update● NeutralMajor
Independent review by Fugro Robertson puts 2P gas reserves at 8.9 bcf (11.8 bcf in 2010), reflecting 1 bcf produced and the Castello cut. Gas 2C contingent resources rise to 44.1 bcf from 21.6 bcf, plus 10 mmbbls of 2C oil at Bagnolo in Piano and Ravizza.
20 Mar 2012financial restatement▼ BadMajor
2011 revenue €9.11m (up 27%) and EBITDA €4.41m, but a net loss of €5.07m after a €5.83m non-cash Castello write-down. Modelling suggests a lower optimal rate, so Castello reserves are expected to be cut. New reserve estimates are due next quarter.
20 Mar 2012annual report● Neutral
2011 financial report with the directors' report. The text is truncated, and the results are covered in the same-day release. The board is unchanged, with Bradley as chair.
2 Mar 2012production update● Neutral
Castello and Sillaro now produce a combined 77,000 m3/day. Vitalba-1dirA stabilised at 17,000 m3/day (0.6m cf), below the 0.7m target. Sillaro is at 60,000 m3/day after one well was moved to a new level; condensate equipment will be installed before reopening the old level.
8 Feb 2012production update● NeutralMajor
Vitalba-1dirA began producing on 8 Feb at about 0.5m cf/day, targeting 0.7m. Sillaro is held at 1.6m cf/day because extra condensate forced a halt; processing equipment may be needed, with cost and timing under evaluation. The company calls it a straightforward operational issue.
3 Feb 2012production update▼ Bad
Vitalba-1dirA approvals are complete; production awaits the pipeline operator opening access, expected within a week, though extreme weather is slowing work. Sillaro stopped four days from the weather and is running at 1.6m cf/day versus 2.8m normally.
16 Dec 2011flow test result▲ GoodMajor
Vitalba-1dirA flowed up to 2.6m cubic feet a day in clean-up, stabilising at 1.4 and 0.6m on smaller chokes, with no water. The company estimates a production rate of about 0.7m cf/day, starting January 2012. Castello restart is on track, and revised reserves are still to come.
13 Dec 2011drilling progress report● Neutral
Fifth Vitalba-1dirA update: the well is cased and the gas interval perforated, and it is being prepared for flow testing. Final depth is 1,730 m. Test results will be announced separately.
6 Dec 2011drilling result▲ GoodMajor
Vitalba-1dirA reached 1,730 m measured depth (1,524 m vertical). Logs show one gas zone, 4.2 m of pay in the Pliocene SAN A2 sand, so the well will be completed and flow-tested. The first sign the Castello restart well found gas.
29 Nov 2011drilling progress report● Neutral
Fourth Vitalba-1dirA update: the sidetrack is drilling at 1,380 m measured depth towards the planned 1,750 m, with logging next. No result yet.
22 Nov 2011drilling progress report● Neutral
Third Vitalba-1dirA update: casing milling finished at 500 m and the whipstock is being set to start the new sidetrack. Depth is 545 m. Total depth is still planned at about 1,750 m.
15 Nov 2011drilling progress report● Neutral
Second Vitalba-1dirA update: milling out 7-inch casing, with a slight delay from a programme change. Depth is unchanged at 770 m, with total depth still planned at about 1,750 m.
8 Nov 2011drilling progress report● Neutral
First weekly update on Vitalba-1dirA: at 770 m, cementing the old borehole and preparing a sidetrack. Planned total depth is about 1,750 m, expected within 10 days. No result yet.
31 Oct 2011drilling spud● NeutralMajor
Workover has started at Vitalba-1dirA, the well meant to restart Castello. It should take 20 days to reach 1,400 m vertical depth. The company's reservoir consultants estimate remaining 2P reserves at 3.7 bcf.
24 Oct 2011drilling scheduled● Neutral
The rig for Vitalba-1dirA has begun moving to Castello. Spud is expected by month-end, with about 35 days of workover; production is still expected around end 2011 if successful. This follows the earlier end-September estimate.
7 Sept 2011investor presentation● Neutral
Notice that the CEO's Good Oil Conference presentation in Perth is now on the company website. It carries no new information in itself.
7 Sept 2011investor presentation● Neutral
Good Oil Conference deck restating known figures: 2P reserves 11.8 bcf, 111.1m shares, market cap about A$22m, 1H 2011 EBITDA A$3.0m and a €6.0m debt draw. Lists Masterman at 24.0% and Hunter Hall at 15.3% as top holders. Text is truncated.
5 Sept 2011half year report▲ GoodMajor
PVE reports its first half-year net profit, €0.37m, on revenue of €4.35m (up 68%) and EBITDA of €2.26m. Cash is €1.6m and debt €6.0m. Vitalba-1dirA drilling is due in coming weeks, with Castello restart targeted before year-end.
5 Sept 2011half year report▲ Good
Half-year to 30 June 2011: net profit €367,010 (2010: €2.12m loss), revenue €4.35m, EBITDA €2.26m. Cash €1.6m, debt €6.0m unchanged. It confirms the profit the company had flagged in July.
19 Aug 2011drilling scheduled● Neutral
Civil work has started for Vitalba-1dirA, the well meant to restart Castello. Spud is still estimated for end September, once the rig finishes a Gas Plus job; production is expected toward end 2011 if successful. Sillaro level E is closed and C0 opened.
28 July 2011production update▲ Good
June quarter gas output was steady at 7.7m m3. Sillaro finished its first production year with 33.4m m3 at a 90% netback, and a May pressure test confirmed 1P 7.5 / 2P 8.2 bcf. Repeats the 15 July and 28 July reports; the net profit expectation is restated.
