Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Aug 2015half year report▼ Bad
First-half 2015 loss €1.29m versus €0.54m a year earlier. Revenue €0.99m, about 66% lower, due to lower Sillaro output; EBITDA was a €0.37m loss against a €0.82m profit. Nedbank debt €3.0m at June, €2.77m after a July repayment.
7 Aug 2015half year report● Neutral
Results release repeats the first-half loss of about €1.2m (as stated in the release). Sillaro is back to roughly 35,000 m3/day and monthly cash flow is slightly positive; cash €815,000. Farm-in talks for Sillaro and Bezzecca are well advanced, and sale of non-core assets is being explored to cut debt.
27 July 2015quarterly activities report● Neutral
June quarter output 2.47m m3, revenue €0.66m, cash €0.82m. Sillaro recovered to about 34,000 m3/day after Level B1 reopened. Gradizza environmental study filed; Sillaro-2 and Bezzecca-2 programmes submitted for review; farm-out talks continue. Nedbank debt €2.77m after a July repayment.
4 June 2015admin correction● Neutral
Administrative s708A notice: 17,742,857 shares issued at 7 cents on 4 June 2015 under the two placements, so they can be freely traded. No new information.
2 June 2015capital raising announcement● Neutral
A further A$242,000 raised at 7 cents from new sophisticated and institutional investors, 3,457,143 shares. Together with the 15 May placement, the total is A$1,242,000, for working capital and asset development.
15 May 2015other● Neutral
AGM chairman's address: Sillaro decline was unexpected; plan is Sillaro-2 workover (€1.8m), Sillaro-1 redrill (€4.1m), Bezzecca pipeline (€3.0m) and Bezzecca-2 (€4.0m), targeting profit in 2016. A second farm-in partner is under a conditional heads of agreement; a 7c placement is flagged.
15 May 2015capital raising announcement● NeutralMajor
Placement raises A$1.0m at 7 cents a share from an existing non-director shareholder, 14,285,714 new shares, settling around 31 May 2015. Funds are for working capital and asset development. First equity issue after a period with no new shares, against cash of only €0.54m.
What it means for a shareholder
14.3m new shares at about A$0.070 to raise about A$1.0m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (14,286 at the issue price), your slice goes from 0.0117% to 0.0105% of the company. To keep it you'd need 1,667 more shares - about A$117 at the issue price.
Create a free account to see this worked out for your own holding.
15 May 2015drilling scheduled● NeutralMajor
Sillaro work programme set in two phases: recomplete Sillaro-2 in Q3 2015 for €1.8m (about 50,000 m3/day), then sidetrack Sillaro-1 for €4.1m (80-90,000 m3/day). Funding is planned from a farm-out, equity and Nedbank drawings; none is yet secured.
13 May 2015investor presentation● Neutral
May 2015 presentation restates the portfolio: 2P reserves 13 bcf and 2C resources 91 bcf. Targets about 135,000 m3/day and €14m revenue a year. Bezzecca first gas is shown as Q3 2015. Largely repeats known facts.
30 Apr 2015quarterly activities report▼ Bad
March quarter output 1.2m m3, revenue €0.32m, cash €0.54m, with Sillaro averaging 10,918 m3/day. Gradizza preliminary production concession awarded. Sillaro workover plan finalised, said to restore about 90,000 m3/day; funding options still being considered. Nedbank debt paid down to €3.05m.
14 Apr 2015annual report▲ GoodMajor
2014 Annual Report repeats the results: revenue €5.03m, loss €1.2m. Adds that Bezzecca, Sant'Alberto and Gradizza are now classed as reserves, lifting undeveloped 2P reserves 140% to 10.00 bcf. Sillaro fell to about 21,000 m3/day after October.
30 Mar 2015annual report● Neutral
2014 results: revenue €5.0m (2013: €6.7m), EBITDA €1.5m, loss €1.2m (2013: €5.8m, which included the write-down). Overhead savings of €1.2m. Cash €1.6m. Output fell to 18.6m m3 from 23.9m.
27 Mar 2015annual report● Neutral
Full-year 2014 financial report with directors' report and statements for year to 31 December 2014. The directors are unchanged. Headline results are in the separate results release.
16 Mar 2015agm notice● Neutral
Notice that the 2015 annual general meeting will be held on 15 May 2015 in Sydney. Notice of meeting to follow. No other substance.
30 Jan 2015quarterly activities report● Neutral
December quarter output 2.63m m3, revenue €0.71m, cash €1.58m. Sillaro averaged about 26,000 m3/day. Ministry approved Petrorep's 10% Bezzecca farm-in and final project authorisation; Teodorico concession application is complete. The Sillaro sidetrack still needs funding.
9 Jan 2015resource reserve update▼ BadMajor
Sillaro reserves cut to 2P 4.67 bcf from 5.5 bcf at end-2013, after water arrival and depletion cut output to about 25,000 m3/day. 1.45 bcf of Miocene gas moved from Fantuzza contingent resources to probable reserves. A Sillaro-1 sidetrack in late 2015 needs approval and funding.
31 Oct 2014quarterly activities report● Neutral
Cash flow statement for the September quarter: cash rose to €1.32m from €1.04m, with no new shares issued. Next-quarter outflows are estimated at €1.65m. Nedbank facility €5.83m available, €3.5m used. Shows 10% Cascina Castello farm-out pending approval.
31 Oct 2014quarterly activities report▼ BadMajor
September quarter output 5.29m m3 (up about 6%), revenue €1.42m, cash €1.32m. A 10% Bezzecca farm-in is agreed subject to Ministry approval. After Sillaro's Level A depleted, output fell to about 25,000 m3/day from 55,000. Pipeline work due in Q4.
13 Aug 2014half year report● Neutral
First-half 2014 loss €0.54m versus €5.63m a year earlier, which included the write-down. Revenue €2.91m (down 3%), EBITDA €0.82m, overheads down 16%. Nedbank debt €3.5m. Ernst & Young replaced KPMG as auditor in July.
29 July 2014quarterly activities report● Neutral
June quarter output 4.98m m3, revenue €1.35m, cash €1.04m. Sillaro averaged 52,000 m3/day, switched to a shallower level after water appeared. Bezzecca and Sant'Alberto concessions advanced; Bezzecca site works due in autumn. Share price A$0.08.
16 July 2014admin correction● Neutral
Corrects a typo in the 14 July Bezzecca release: initial production is 20,000 standard cubic metres a day, not cubic feet. Reserves and other figures unchanged.
14 July 2014regulatory community update▲ GoodMajor
Bezzecca was awarded production concession status by enlarging the Cascina Castello concession, the final approval needed to bring it into production via a 7 km pipeline to the Vitalba plant. Reserves were quoted at 1P 3.0 bcf and 2P 4.2 bcf, with an initial rate of 20,000 cubic feet per day.
26 June 2014other● Neutral
Administrative notice: the share registry, Link Market Services, moves to a new Perth address from 30 June 2014. No substance for shareholders.
16 June 2014regulatory community update▲ GoodMajor
Ministry awarded the preliminary production concession for Sant'Alberto, 2C contingent resources 2.1 bcf. The environmental study now goes to Emilia Romagna Region, the last step. Planned as a small modular plant with a grid link about 200 m away. Resolves a long-pending approval.
28 May 2014agm notice● Neutral
Chairman's AGM address largely repeats the annual report: 2013 loss €5.8m, lower gas prices, cost restructure, Nedbank facility and Shell contract. Priorities are regulatory approvals for development projects. Notes the Acting CEO plans short maternity leave after September.
24 Apr 2014annual report● Neutral
2013 Annual Report: loss €5.8m including the €5m Vitalba write-down, revenue €6.7m, no dividend. Chairman says the cost restructure is largely in place. Priorities are Bezzecca and Sant'Alberto, then Teodorico (2C 47.3 bcf) and Selva (2C 17 bcf).
9 Apr 2014quarterly activities report▼ Bad
March quarter output 5.66m m3 (down about 15%), revenue €1.55m, cash €1.02m. Sillaro is down to 57,000 m3/day, about 18% below the 2H13 rate, and the field is about 40% depleted. Gradizza concession filed in February; Bezzecca pipeline bids due end May. Share price A$0.10.
21 Mar 2014agm notice● Neutral
Notice that the 2014 annual general meeting will be held on 28 May 2014 in Sydney. Notice of meeting to follow.
19 Mar 2014annual report● Neutral
Full-year 2013 financial report with directors' report and statements. Covers the year in which Catalano resigned on 12 August 2013. Figures match the separate results release.
19 Mar 2014annual report▼ Bad
2013 loss of €5.8m including the €5.02m Vitalba write-down; without it the loss would have been €0.78m. Revenue €6.7m (down from €8.2m) on lower gas prices; EBITDA €2.2m versus €4.5m. Cash €1.5m, Nedbank debt €3.5m.
