15 July 2011production update● Neutral
June quarter output was 7.72m m3 (Sillaro 7.43m), revenue €2.1m, down 5%. A 3-day Sillaro pressure test confirmed 1P 7.5 / 2P 8.2 bcf. Vitalba-1dirA spud is expected toward the end of September 2011.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 May 2011admin correction● Neutral
Competent person's statement for the 13 May AGM presentation, naming CEO Giovanni Catalano as the source of the reserves and resources information. Administrative, with no new information.
13 May 2011investor presentation● Neutral
AGM presentation restating known figures: 2P reserves 11.8 bcf, 2C resources 21.6+ bcf, Sillaro 83,000 m3/day. Says the company is seeking a strategic partner for a package of assets, and Azzurra full grant is expected soon. Text is truncated.
13 May 2011other● Neutral
AGM chairman's address repeating the 2010 results: revenue €7.1m, EBITDA €2.2m, debt cut €4.3m to €6.0m. Rig is secured for Vitalba-1dirA, which he hopes to spud by September. Says the reserves reviews are substantially complete, with small net changes.
18 Apr 2011contract award▲ GoodMajor
Italian authorities gave final approval for Vitalba-1dirA and PVE contracted LP Drilling's rig HH200. Castello production is expected to restart late Q3 or early Q4 2011 if drilling succeeds. Sant'Alberto and Podere Gallina 2D seismic is complete, with processing under way.
14 Apr 2011production update▲ Good
March quarter 2011 output was 7.78m m3 (Sillaro 7.50m, Castello 0.28m), revenue about €2.2m, up 8%. A Sillaro string has already produced its predicted total volume yet is still flowing, so a pressure test is planned for July 2011.
13 Apr 2011other● Neutral
Company launches an upgraded website, now with an Italian version. Administrative, with no effect on operations or finances.
11 Apr 2011annual report● Neutral
2010 Annual Report: 26.8m m3 produced, revenue €7.1m, EBITDA €2.2m, 2P reserves 11.8 bcf. Chairman says Vitalba-1dirA is planned for mid-2011 and admits shareholders' disappointment at the 2010 share price. Text is truncated.
16 Mar 2011annual report▲ Good
2010 results: revenue €7.16m, EBITDA €2.22m, net loss €2.32m (2009: €7.20m loss). Debt repaid by €4.28m to €6.0m and cash €0.97m. First full production year. Confirms figures already reported in earlier updates.
16 Mar 2011security holder rights change● Neutral
Administrative s708A notice: 338,604 shares issued on 14 March 2011 at $0.19 to employees in place of cash pay. Immaterial dilution.
15 Mar 2011annual report● Neutral
Statutory accounts for 2010 begin with the directors' report, covering board biographies and committee roles. Masterman moved to non-executive director in October 2010 and Greg Short joined in July 2010. Text is truncated, so no financial figures are shown.
4 Mar 2011other● Neutral
Standard & Poor's quarterly index rebalance notice, not issued by Po Valley. It lists PVE among removals from the All Ordinaries index, effective after close on 18 March 2011. No company operations or finances are affected.
22 Feb 2011asset acquisition disposition▲ GoodMajor
Po Valley is awarded the Cadelbosco di Sopra and Grattasasso exploration licences (six-year initial terms), adding 547 km2 to reach nearly 2,000 km2, a 38% rise. They cover the old Correggio field, and a drilling application is targeted by Q3 2011.
14 Feb 2011drilling progress report● Neutral
Seismic surveys began at Sant'Alberto and the Cembalina prospect: 40 firm line-km plus 20 contingent. Data should finalise the Sant'Alberto concession, now targeted for gas production approval in early 2012, and fix the Cembalina well location.
12 Jan 2011debt financing▲ Good
Bank of Scotland debt was cut from €7m to €6m in December 2010, and the borrowing limit for the first half of 2011 was raised 14% to €9.1m. The bank cited stable Sillaro output and the reserve reviews. This eases the debt burden.
10 Jan 2011production update▲ Good
Second-half 2010 output rose 69% to 16.84m m3 and revenue 75% to €4.52m. Full-year 2010 output was 26.78m m3, revenue €7.1m. Castello stayed at limited rates, with restart planned for the June quarter 2011 if the new well succeeds.
31 Dec 2010other● Neutral
Company publishes a new securities trading policy for directors and employees, covering insider trading rules, consent to deal and disclosure. Administrative, with no effect on operations or finances.
13 Oct 2010production update▲ Good
September quarter output was 8.92m m3, up 96%, led by Sillaro at 8.59m m3, while Castello fell to 0.33m m3. Revenue was €2.43m. Sillaro passed the Bank of Scotland completion test, cutting the margin from 3.0% to 1.8%. Cash €2.0m, debt €7.0m.
12 Oct 2010director officer appointment● NeutralMajor
Giovanni Catalano, Deputy CEO/COO since July, becomes CEO from 11 October 2010, succeeding founder Michael Masterman, who becomes non-executive Deputy Chairman. The text says Masterman is leaving his executive role to take a position at a major mining company. Catalano's fixed pay is €180,000.
21 Sept 2010security holder rights change● Neutral
Administrative s708A notice: 212,642 shares issued at $0.33 on 17 September 2010 to employees in lieu of cash bonuses. Immaterial dilution.
16 Sept 2010investor presentation● Neutral
RIU Good Oil conference presentation restating known figures: reserves 1P 8.2 / 2P 12.5 bcf, contingent resources 2C 56.4 bcf. Game plan is steady Sillaro output, a new Castello well, debt reduction and farm-outs for Gradizza and Cembalina drilling. No new announcements.
8 Sept 2010resource reserve update▼ BadMajor
A review of Sillaro and Fantuzza cut both. Sillaro 1P fell 22% to 8.1 bcf and 2P fell 40% to 8.8 bcf, while Fantuzza 2C fell 78% from 26.6 bcf to 5.8 bcf. The Correggio review was still ongoing.
26 July 2010resource reserve update▼ BadMajor
Castello 2P reserves cut 42% to 3.66 bcf (from 6.3 bcf); 1P falls to 0.11 bcf. The existing well can only make 3,000-5,000 m3/day. Most remaining gas sits in an attic needing a new ~€2.5m well, Vitalba-1dirA, with authorisation expected by 2Q 2011.
23 July 2010regulatory community update▲ GoodMajor
The tribunal rejected the rival bidder's challenge to the Azzurra offshore licence preliminary award, clearing the way for final grant, expected second half 2010. The 526 km2 Adriatic area includes four gas discoveries. This resolves the legal dispute open since October 2008.
21 July 2010director officer appointment● Neutral
Greg Short, a geologist with 33 years at Exxon, is appointed non-executive director of Po Valley. Roberto Fazioli joins the board of Italian subsidiary Northsun Italia. Short brings reserves expertise after the Bezzecca and Castello downgrades.
8 July 2010director officer appointment● NeutralMajor
Giovanni Catalano, formerly CEO of Mediterranean Oil & Gas, becomes Deputy CEO and COO, succeeding Doug Colkin whose contract ended in June. Sara Edmonson joins as Finance and Administration Manager, and two technical hires were made.
6 July 2010production update▼ BadMajor
June quarter production was 4.6m m3, down 15%, with revenue about €1.22m. Sillaro reached about 95,000 m3/day. Castello tests found water entering the deeper San A2 level, which is now closed, and possible perforation problems on San A1. Debt cut to €7m; cash €2.5m.
20 May 2010admin correction● Neutral
Corrected re-release of the Sillaro production announcement, fixing the date from 19 April to 19 May 2010. Content unchanged.
19 May 2010investor presentation● Neutral
AGM presentation repeating known facts. Reserves shown: Castello 1P 4.6 / 2P 6.3 bcf, Sillaro 10.4 / 14.4 bcf, Bezzecca 3.1 bcf 2C. Fantuzza drilling second half 2010, and an external audit of reserves is planned at year end 2010.
19 May 2010other▼ Bad
AGM chairman's address: Castello shut in for pressure tests and lower rates and substantially reduced reserves are expected, with an update in June. Sillaro started this week. Cash €3.6m and debt €9.0m at 30 April; share price fell from about A$1.20 to A$0.35.