11 Dec 2012other● Neutral
Administrative s708A notice for the 7,416,667 placement shares issued on 6 December 2012 at A$0.12. No new substance.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Dec 2012capital raising announcement● NeutralMajor
Raises A$1.35m by placing 11,266,667 shares at A$0.12 with institutions and sophisticated investors. Proceeds fund the Sillaro gas plant upgrade and working capital. Directors' shares (3.85m) need shareholder approval at a meeting in late January. Follows the AGM-flagged capital-raising options.
What it means for a shareholder
11.3m new shares at A$0.120 to raise about A$1.4m. That's 9.2% dilution: every existing holder's slice gets 9.2% smaller. If you held A$1,000 of shares (8,333 at the issue price), your slice goes from 0.0075% to 0.00681% of the company. To keep it you'd need 845 more shares - about A$101 at the issue price.
Create a free account to see this worked out for your own holding.
31 Oct 2012quarterly activities report● Neutral
September quarter: output 6.3m m3, revenue €2.1m, cash €2.2m. Sillaro condensate separator now planned for early 2013, later than the H2 2012 target. Bezzecca reserves booked; new InTrading gas marketing venture with Italtrading started. Fantuzza-1 and Gradizza-1 approvals still being drafted.
26 Sept 2012resource reserve update▲ GoodMajor
Bezzecca gas field gets a preliminary production concession, as expected for August; final award is expected around year-end after the environmental review. Resources become reserves: 0.7 bcf proven, 4.1 bcf 2P. First production phase connects the existing well to the Castello plant by 7 km line.
3 Aug 2012half year report● Neutral
Full interim accounts for first half 2012: net profit €305,761 on revenue €4.40m and EBITDA €2.65m (up 17%). Lloyds drawings €6.0m, with the borrowing base limit confirmed at €7.15m to 31 December 2012. Repeats the 3 August results.
3 Aug 2012half year report● Neutral
First half 2012: revenue €4.40m, EBITDA €2.65m, net profit €0.3m (down 17%), operating cash flow €4.08m. Cash €2.0m, borrowings €6.0m. Field output was 52,000 m3/day at end July. Second-half production expected slightly lower than first half.
31 July 2012quarterly activities report● Neutral
June quarter: output was 6.8m m3, revenue €2.3m and cash €2.0m, with debt drawn at about €6.0m (A$7.6m). Sillaro ran at about 60,000 m3/day awaiting condensate equipment, Bezzecca's preliminary concession award was expected next month, and Fantuzza-1 and Gradizza-1 approvals were still pending.
27 July 2012asset acquisition disposition▲ Good
Preliminary award of the Torre del Moro permit (111 km2), next to Terra del Sole, southeast of Bologna. An environmental impact study must be submitted before final award. Studies come first, with no well planned yet.
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.
30 Apr 2012quarterly activities report● Neutral
March quarter: output 5.5m m3, revenue €2.1m, cash €1.1m, debt €6.0m against a €7.6m limit. Castello 2P reserves now 1.8 bcf (down from 3.6-3.7 bcf). Sillaro is at 60,000 m3/day pending condensate equipment. Drilling applications for Canolo and Zini are lodged; Fantuzza-1 authorisation is still awaited.
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.
21 Mar 2012agm notice● Neutral
Administrative notice that the 2012 AGM will be held on 28 May 2012 in Sydney, with a notice of meeting to follow. No other substance.
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.
27 Jan 2012quarterly activities report● Neutral
December quarter: all 6.7m m3 output from Sillaro; revenue €2.6m, the strongest quarter since production began. 2011 revenue €9.1m. Cash €1.9m, debt €6.0m, but the 1H 2012 bank limit was cut from €9.0m to €7.6m. Castello restart now expected in February.
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.