22 Nov 2011drilling progress report● Neutral
Third Vitalba-1dirA update: casing milling finished at 500 m and the whipstock is being set to start the new sidetrack. Depth is 545 m. Total depth is still planned at about 1,750 m.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Nov 2011drilling progress report● Neutral
Second Vitalba-1dirA update: milling out 7-inch casing, with a slight delay from a programme change. Depth is unchanged at 770 m, with total depth still planned at about 1,750 m.
8 Nov 2011drilling progress report● Neutral
First weekly update on Vitalba-1dirA: at 770 m, cementing the old borehole and preparing a sidetrack. Planned total depth is about 1,750 m, expected within 10 days. No result yet.
31 Oct 2011drilling spud● NeutralMajor
Workover has started at Vitalba-1dirA, the well meant to restart Castello. It should take 20 days to reach 1,400 m vertical depth. The company's reservoir consultants estimate remaining 2P reserves at 3.7 bcf.
27 Oct 2011quarterly activities report● Neutral
September quarter: output 6.8m m3 (Sillaro 6.7m), revenue €2.1m. Castello was stopped in August for site works and the rig arrived four weeks late. Cash €2.7m, debt €6.0m, bank limit €9.0m. Farm-out continues with Moyes.
24 Oct 2011drilling scheduled● Neutral
The rig for Vitalba-1dirA has begun moving to Castello. Spud is expected by month-end, with about 35 days of workover; production is still expected around end 2011 if successful. This follows the earlier end-September estimate.
7 Sept 2011investor presentation● Neutral
Notice that the CEO's Good Oil Conference presentation in Perth is now on the company website. It carries no new information in itself.
7 Sept 2011investor presentation● Neutral
Good Oil Conference deck restating known figures: 2P reserves 11.8 bcf, 111.1m shares, market cap about A$22m, 1H 2011 EBITDA A$3.0m and a €6.0m debt draw. Lists Masterman at 24.0% and Hunter Hall at 15.3% as top holders. Text is truncated.
5 Sept 2011half year report▲ GoodMajor
PVE reports its first half-year net profit, €0.37m, on revenue of €4.35m (up 68%) and EBITDA of €2.26m. Cash is €1.6m and debt €6.0m. Vitalba-1dirA drilling is due in coming weeks, with Castello restart targeted before year-end.
5 Sept 2011half year report▲ Good
Half-year to 30 June 2011: net profit €367,010 (2010: €2.12m loss), revenue €4.35m, EBITDA €2.26m. Cash €1.6m, debt €6.0m unchanged. It confirms the profit the company had flagged in July.
19 Aug 2011drilling scheduled● Neutral
Civil work has started for Vitalba-1dirA, the well meant to restart Castello. Spud is still estimated for end September, once the rig finishes a Gas Plus job; production is expected toward end 2011 if successful. Sillaro level E is closed and C0 opened.
28 July 2011production update▲ Good
June quarter gas output was steady at 7.7m m3. Sillaro finished its first production year with 33.4m m3 at a 90% netback, and a May pressure test confirmed 1P 7.5 / 2P 8.2 bcf. Repeats the 15 July and 28 July reports; the net profit expectation is restated.
28 July 2011quarterly activities report● Neutral
June quarter: output 7.7m m3, revenue €2.1m, cash €1.6m, debt €6.0m, bank limit unchanged at €9.0m. Vitalba-1dirA spud is expected late September. Moyes and Co. was engaged to run a farm-out of selected assets. Tozzona award is contested in court.
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.
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.
28 Apr 2011quarterly activities report● Neutral
March quarter: output 7.8m m3, revenue €2.2m, cash €1.6m, debt €6.0m. Independent review cut Sant'Alberto 2C from 12.9 to 8.9 bcf and Sillaro 1P/2P to 7.5/8.2 bcf. Correggio Quaternary prospects (Zini, Canolo) carry 4.2 bcf 2C. Castello restart now Q4 2011.
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.
31 Jan 2011quarterly activities report● Neutral
December quarter: output 7.9m m3, revenue €2.1m, Sillaro 83,000 m3/day. Cash fell to €0.97m, debt €6m. The company reports positive EBITDA for 2010. Castello restart slipped to third quarter 2011. Bezzecca application was lodged.
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.