Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 May 2010production update▲ GoodMajor
Sillaro, the second field, began commercial gas production. Sillaro-2 is running at 31,200 m3/day, with the plant to reach 110,000 m3/day over the next month. This is roughly double Castello's rate and arrives as Castello's reserves are in doubt. Release is misdated April.
14 May 2010production update● Neutral
Castello's Vitalba-1 well was shut in for about a week of downhole pressure measurements on the San A1 and A2 levels, as flagged on 29 April. Results will set the production plan and reassess reserves. Output stops meanwhile.
13 May 2010other▼ Bad
Chairman's letter responds to the share price fall, blaming the Bezzecca downgrade and Castello pressure decline. It warns Castello reserves (previously 4.6 bcf) will likely be substantially reduced. Sillaro and Fantuzza reviews are due June to July. No new figures.
29 Apr 2010production update▼ BadMajor
Castello wellhead pressure is falling faster than expected. If the trend continues, production and reserves (proven 4.6 bcf) would be substantially lower. Downhole tests are due in May, with results in June. This is the first sign of trouble at the only producing field.
16 Apr 2010annual report● Neutral
2009 annual report: loss €7.2m, cash €6.6m, debt €10.3m. Castello in production since 17 December 2009; Sillaro commissioning began April. Bezzecca plan due May; Fantuzza-1 now second half 2010, Gradizza late 2010/early 2011, Correggio 2011.
15 Apr 2010resource reserve update▼ BadMajor
Bezzecca development plan: 2P reserves cut to 3 bcf, with two wells producing about 2 mmcf/d via an 8 km line to Castello. Geology is more complex than expected. Production is targeted by 2012, a sharp downgrade from the earlier larger estimate.
6 Apr 2010production update▲ Good
March quarter: Castello produced 5.4 million m3 (about 60,000 m3/day) for €1.32m revenue. Sillaro plant mechanically complete with first gas expected late April. Cash €5.1m, debt €10.3m drawn; Bank of Scotland limit raised to €13.8m.
2 Mar 2010annual report▼ Bad
Statutory 2009 accounts: loss after tax €7.2m (2008: €4.17m), loss per share 6.99 euro cents. Directors and Company Secretary Lisa Jones unchanged. Text is truncated, so other figures are not shown.
2 Mar 2010annual report● Neutral
2009 results lodged: loss €7.2m (A$10.91m). Cash €6.6m; Bank of Scotland debt drawn €10.3m. Castello is producing about 60,000 m3/day; Sillaro commissioning now March/April 2010, later than the February target. Fantuzza and Gradizza wells planned for 2010.
13 Jan 2010production update▲ Good
Castello plant formally inaugurated after maiden production of one million cubic metres. It currently outputs 50,000 cubic metres a day, rising to about 70,000. Sillaro commissioning now mid-February, a slip from January.
21 Dec 2009production update▲ GoodMajor
First gas from Castello flowed into the Italian grid, building to about 1.5 mmcf/d and targeting 2.5 mmcf/d. Po Valley has banked its first revenue, ending the long wait since 2005. Sillaro commissioning expected early 2010, which should roughly double output.
8 Dec 2009regulatory community update▲ GoodMajor
Ministry of Economic Development signed final approval on 7 December to begin production at Castello after safety inspections. First gas into the national network expected next week. Sillaro plant 85% complete, commissioning January 2010.
18 Nov 2009admin correction● Neutral
Administrative notice under s708A of the Corporations Act for the 1,283,768 share purchase plan shares issued at A$1.55 on 18 November. No new substance.
18 Nov 2009capital raising announcement▲ Good
Share purchase plan completed, raising A$1.99m from 179 applications for 1,283,768 shares at A$1.55. With the placement, about A$10.5m raised. Shares on issue rise to 110,179,926.
What it means for a shareholder
1.3m new shares at A$1.55 to raise about A$2.0m. That's 1.2% dilution: every existing holder's slice gets 1.2% smaller. If you held A$1,000 of shares (645 at the issue price), your slice goes from 0.000592% to 0.000586% of the company. To keep it you'd need 8 more shares - about A$12 at the issue price.
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3 Nov 2009material agreement▲ GoodMajor
Castello plant is connected to the national grid, and an operations and maintenance contract with DG Impianti covers Castello and Sillaro. Operating cost at full production is estimated at about €2 cents per cubic metre versus Italian gas prices of €22-25 cents. First commercial sales expected later this month.
29 Oct 2009investor presentation● Neutral
Notice that a new investor presentation is on the company website. No content is given in the announcement.
22 Oct 2009capital raising announcement● Neutral
Dispatch of the share purchase plan booklet and application forms to eligible holders. Offer at A$1.55 closes 12 November. No new substance beyond the 14 October announcement.
22 Oct 2009director officer appointment● Neutral
Lisa Jones, a corporate lawyer, becomes Company Secretary from 21 October 2009, replacing Dom Del Borrello, who resigned from the role.
21 Oct 2009production update▲ Good
Commissioning began at Castello, with civil and mechanical works finished ahead of the four-month schedule. First commercial gas into the pipeline expected mid to late November, subject to Ministry approvals. Sillaro commissioning remains January.
14 Oct 2009capital raising announcement● Neutral
Share purchase plan details: eligible Australian and NZ holders can buy A$5,000, A$10,000 or A$15,000 of shares at A$1.55. Aims to raise up to A$2m, closing 12 November. Follows the September placement.
30 Sept 2009capital raising announcement● NeutralMajor
Oversubscribed placement of 5.5m shares at A$1.55 (3% discount) raising A$8.52m via Petra Capital, lifting shares on issue to 108.9m. A share purchase plan at the same price is planned. Described as strengthening working capital ahead of Castello commissioning.
What it means for a shareholder
5.5m new shares at A$1.55 to raise about A$8.5m. That's 5.1% dilution: every existing holder's slice gets 5.1% smaller. If you held A$1,000 of shares (645 at the issue price), your slice goes from 0.000624% to 0.000592% of the company. To keep it you'd need 34 more shares - about A$53 at the issue price.
Create a free account to see this worked out for your own holding.
23 Sept 2009debt financing▲ Good
Bank of Scotland senior facility maturity extended to November 2013. Drawings are €6.7m at about 3.5% interest, with the margin over EURLIBOR falling to 1.8% after Sillaro and Castello are completed. Continues the facility drawdown thread.
15 Sept 2009resource reserve update● NeutralMajor
Company adopts a revised reserves policy following SPE/WPC principles. Bezzecca and Fantuzza become Contingent Resources until development plans are approved, and Bezzecca contingent resources are expected to be lower than pre-drilling targets. Sillaro reserves will be reassessed after Sillaro-2.
14 Sept 2009production update● Neutral
Semat began Sillaro surface plant installation, targeting four months, with commissioning in January 2010. Castello is 88% complete, with commissioning in October and first gas expected November 2009.
1 Sept 2009security holder rights change● Neutral
Proxy results for the 28 August meeting: proxies were heavily in favour (about 50.7m for, 2,000 against) of cancelling and reissuing the 833,333 Masterman Super Fund shares. Resolves the Listing Rule breach disclosed in July, subject to the final vote.
18 Aug 2009well test result▲ GoodMajor
Sillaro-2 testing confirmed four levels with a combined 13 mmcf/d, including a new 2,023 m level at 3.5 mmcf/d; six levels now proven across both wells. Well completed on budget; plant installation starts early September, commissioning December 2009. Castello 85% complete.
12 Aug 2009well test result▲ Good
Sillaro-2 tests confirmed the PL2A level at up to 4.33 mmcf/d and a new level, PL2C0, at 1.79 mmcf/d. Results match Sillaro-1 and add capacity. Two more levels to be tested this week.
10 Aug 2009half year report● Neutral
Half-year to 30 June 2009: net loss €1.34m (2008: €1.33m). Accounts now in euros after the functional currency change; Bank of Scotland facility drawn €6.3m. Repeats known progress at Castello, Sillaro and Bezzecca, and the 28 August vote on the Masterman shares.
4 Aug 2009asset acquisition disposition▼ BadMajor
Po Valley and 50:50 partner Edison voluntarily relinquished the Bernaga (formerly Ossola) licence application north of Milan, citing nature-reserve concerns and low prospects of full grant. Ends the long-pending Ossola thread; other preliminary awards unaffected.
28 July 2009drilling result▲ GoodMajor
Sillaro-2 reached 2,364 m on schedule; logs confirm the main pay zones seen in Sillaro-1 over 140 m gross (2,180-2,320 m). Extra possible zones, including 15 m at 2,020 m, will be completed and tested in early August.
