Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 July 2009security holder rights change▼ Bad
Company admits 833,333 shares issued to the Masterman Superannuation Fund on 30 June breached Listing Rule 10.11, as they were issued over a month after the AGM approval. Shareholders to vote on 28 August to cancel and reissue them; described as administrative oversight.
14 July 2009drilling progress report● Neutral
Sillaro-2 directional well at 1,276 m measured depth, preparing to run 9 5/8 inch casing. No new result.
3 July 2009drilling spud▲ GoodMajor
Sillaro-2 production well spudded 2 July, planned to about 2,400 m vertical depth in roughly 24 days. With Sillaro-1 it should give 3.8 mmcf/d initial capacity; completion expected end of August before plant installation.
1 July 2009production update▲ GoodMajor
Installation began at Castello on 30 June, with contractor Semat targeting four months. Plant is described as 78% complete, with start-up in late October 2009 at 2.7 mmcf/d initial capacity.
22 June 2009regulatory community update▲ GoodMajor
Castello plant installation approval received, the final regulatory approval needed. It unlocks civil works from 29 June, Sillaro-2 drilling in early July and the Bank of Scotland senior facility, which converts the A$8.7m (€5m) current debt to a four-year line expiring 2013.
21 Apr 2009well test result▲ GoodMajor
Bezzecca-1 tested gas on all three levels: deep Miocene 2.2, shallow Miocene 0.55 and Pliocene 1.0 mmcf/d, a combined 3.75 mmcf/d. Rig released to move on before Sillaro-2. Development size still to be assessed.
15 Apr 2009flow test result▲ GoodMajor
Bezzecca-1's deepest Miocene level flowed 2.2 mmcf/d on a quarter-inch choke at 1760 psi, stable with good pressure recovery, which the CEO calls above expectations. More tests to follow; Castello and Sillaro commissioning now said to be from third quarter.
8 Apr 2009annual report● Neutral
2008 annual report: chairman says progress to first production was slower than hoped, with first commercial gas sales expected in second half of 2009. Net loss A$6.67m. Repeats known developments including Bezzecca-1 drilled and the A$10m placement.
31 Mar 2009drilling result▲ GoodMajor
Logs on Bezzecca-1 show potential gas zones, including about 31 m gross pay in the primary Miocene target (1913-1944 m) plus a smaller Pliocene level. The well will be cased and flow tested; drilled in 16 days.
27 Mar 2009drilling progress report● Neutral
Bezzecca-1 reached final depth of 2,010 m; hole being cleared and checked before logging. Logging results to come.
24 Mar 2009drilling progress report● Neutral
Bezzecca-1 at 1,554 m true vertical depth, still drilling towards 2000 m. No new result.
23 Mar 2009annual report▼ Bad
Full-year 2008 statutory accounts: loss after tax A$6.67m (2007: A$2.75m), or 7.26c per share (2007: 3.12c). Directors unchanged: Bradley, Masterman, McEvoy, Pirola. Larger loss than prior year, which the text alone does not explain.
20 Mar 2009drilling progress report● Neutral
Bezzecca-1 at 687 m true vertical depth, drilling the 8 1/2 inch section towards 2000 m. No new result.
17 Mar 2009drilling progress report● Neutral
First Bezzecca-1 status report: 505 m depth, casing 9 5/8 inch and cementing. Planned total depth about 2000 m in roughly 20 days; updates promised Tuesdays and Fridays.
13 Mar 2009drilling spud▲ GoodMajor
Bezzecca-1 appraisal drilling began 12 March on the 100%-owned Cascina San Pietro permit, after repeated slips from January. Target depth expected in 20 days, first results by mid April. Company says field could be 5 to 10 times Castello's size.
6 Mar 2009other● Neutral
S&P index rebalance notice listing Po Valley among additions to the All Ordinaries index, effective 20 March 2009. No company-specific news or change to operations.
26 Feb 2009contract award▲ GoodMajor
Second gas sales contract signed with Elettrogas for 50% of initial Castello and Sillaro output, worth about A$150m combined with January's Italtrading deal (about A$75m each). Pre-sells the first three years; commissioning starts from July 2009.
23 Feb 2009capital raising announcement● NeutralMajor
A$10m placement of 8.33m shares at A$1.20, versus A$1.30 prior close, to fund Castello and Sillaro and Bezzecca drilling while keeping debt low. Masterman may add up to A$1m, subject to shareholder approval. Bezzecca 1 spud now said to be March.
30 Jan 2009quarterly activities report▲ GoodMajor
December quarter: first gas sales contract of €38m awarded for 50% of production; Castello output expected June/July and Sillaro Sept/Oct 2009. Cash A$5.2m, €5.0m drawn on bank facility; second tranche needs authority documentation. Bezzecca 1 now due Q2 2009.
29 Jan 2009asset acquisition disposition▲ Good
Podere Gallina was formally granted as a six-year exploration licence (506 km², Fondo Perino about 22 bcf P50). Grattasasso received a preliminary award, with the Ravizza oilfield estimated at 5 mmbbl P50. Drilling is targeted for mid-2010.
7 Jan 2009other▲ Good
Director Michael Masterman bought 100,000 shares on market at $1.40 (about $140,000). He now holds interests in 23,447,064 shares. Small insider purchase.
9 Dec 2008production update▲ Good
SNAM completed, at its own cost, the pipeline connecting Sillaro to the national grid. Sillaro surface plant installation is now expected in Q3 2009, so first gas still depends on that installation.
27 Nov 2008regulatory community update▲ GoodMajor
Italy granted a 20-year Sillaro production concession, the company's largest asset (14 bcf 2P, 3.8 mmcf/d initial rate), following Castello's grant. Production expected in 2009. Resolves the regulatory bottleneck that delayed Sillaro.
10 Nov 2008regulatory community update▲ GoodMajor
Italy granted a 20-year Castello production concession, the long-awaited final approval after repeated slips. Castello has 4.6 bcf proven reserves and 2.7 mmcf/d initial rate; start-up anticipated Q2 2009.
7 Nov 2008regulatory community update▲ GoodMajor
La Prospera and Terra del Sole converted to formal six-year exploration licences, expiring 2014. Gradizza target (about 7 bcf P50) is to be drilled late 2009 or early 2010. These follow earlier preliminary awards.
25 Sept 2008other● Neutral
Notice of an audio interview with CEO Michael Masterman on Po Valley's Italian activity. No content or new information in the announcement itself.
22 Sept 2008investor presentation● Neutral
A London presentation repeated known facts: surface plant 68% complete, regulatory approval still the bottleneck, Bezzecca 1 to spud October/November, and 105 bcf of 2P reserves. Its gas sales timeline showed binding contracts being signed in September after July-August negotiation.
8 Sept 2008half year report▼ Bad
Half-year loss was A$2.32m (2007: A$1.36m), or 2.56c per share. Cash fell to A$3.96m from A$5.97m at December, with A$3.94m drawn on the bank facility. Operating updates repeat previously reported progress.
23 July 2008asset acquisition disposition▲ GoodMajor
Po Valley received a preliminary award, subject to environmental clearance, of the 513 km² Cadelbosco di Sopra licence, including the former ENI Correggio gas field (247 bcf produced). Targets a possible return to production; resolves a pending application.
16 July 2008asset acquisition disposition▲ GoodMajor
Po Valley won a competitive preliminary award of the 526 km² AR168PY 'Azzurra' offshore Adriatic licence, its first offshore block, subject to environmental clearance. Separately, Bezzecca 1 now has environmental approval, with spud scheduled for November.
