Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 May 2008investor presentation● Neutral
AGM presentation says the surface plant is 50% complete and regulatory approval remains the bottleneck. Of 16 gas bid packs issued, 11 non-binding bids came in and four bidders are shortlisted, with binding contracts targeted July/August. This is later than the earlier June target for contracts.
30 May 2008regulatory community update▼ BadMajor
The chairman says the hoped-for May (Sillaro) and July (Castello) approval dates have slipped. Final approvals are now targeted for late September, and plant installation is delayed towards the end of Q1 2009. Surface plant is about 50% complete. Doug Colkin was appointed COO in March.
1 May 2008other● Neutral
ANZ's daily update as at 30 April. Po Valley is unchanged at 8,061,961 shares (8.917%). Administrative, no company news.
30 Apr 2008other● Neutral
ANZ's daily update as at 29 April. Po Valley is unchanged at 8,061,961 shares (8.917%). Administrative, no company news.
29 Apr 2008other● Neutral
ANZ's daily update as at 28 April. Po Valley is unchanged at 8,061,961 shares (8.917%). Administrative, no company news.
28 Apr 2008other● Neutral
ANZ's daily update as at 24 April. Po Valley is still shown at 8,061,961 shares (8.917%). Administrative, no company news.
24 Apr 2008other● Neutral
ANZ's daily update as at 23 April. Po Valley is unchanged at 8,061,961 shares (8.917%). Administrative, no company news.
17 Apr 2008annual report● Neutral
The 2007 annual report restates known progress: Sillaro and Castello preliminary concessions and environmental clearances, surface plant 38% complete, a A$7.88m placement and a €25m bank facility. Bezzecca 1, Fantuzza 1 and Sillaro 2 drilling is planned. No new figures.
17 Apr 2008other● Neutral
ANZ's daily update as at 16 April. Po Valley is shown with ANZ's interest unchanged at 8,061,961 shares (8.917%). Administrative, no company news.
16 Apr 2008other● Neutral
ANZ's daily update as at 15 April showed an interest in 8,061,961 Po Valley shares (8.917%), unchanged from the previous day. ANZ noted the figures may include shares sold but not yet settled; there was no company news.
15 Apr 2008other● Neutral
ANZ's daily update as at 14 April. Po Valley remains at 8,061,961 shares (8.917%). Administrative, no company news.
14 Apr 2008other● Neutral
ANZ says its Opes Prime-related holdings were unchanged at 11 April close, and corrects the Citadel Resources share count. Nothing specific to Po Valley.
11 Apr 2008other● Neutral
ANZ's daily update as at 10 April. Po Valley's holding is unchanged at 8,061,961 shares (8.917%). Administrative, no company news.
10 Apr 2008other● Neutral
ANZ's daily update on Opes Prime-related holdings as at 9 April. Po Valley shown at 8,061,961 shares (8.917%), little changed. Administrative, no company news.
9 Apr 2008other● Neutral
ANZ's daily update on Opes Prime-related holdings, as at 8 April. The Po Valley figure is not readable in the extracted text. Administrative, no company news.
8 Apr 2008other● Neutral
ANZ's daily update on its Opes Prime-related shareholdings. Po Valley is listed with ANZ holding 8,070,872 shares (8.926%) at 7 April 2008. Administrative disclosure, no company news.
7 Apr 2008other● Neutral
ANZ disclosed it holds shares in many ASX companies via Opes Prime lending arrangements and has started selling them. The schedule includes Po Valley; its figure is not shown in the readable text. Follows the director margin loan disclosure.
1 Apr 2008other▼ Bad
Director Byron Pirola disclosed a margin loan of about $2m with Opes Prime, with about 7.8m company shares pledged. No margin call has been made and he says he can repay immediately. The company is monitoring.
31 Mar 2008regulatory community update● NeutralMajor
Castello received its Lombardia environmental approval, following Sillaro's in January. But first gas is now targeted for about December 2008 (Sillaro) and two months later for Castello, possibly two months more after the April election. Management says regulatory slowness delayed production by up to a year.
20 Mar 2008investor presentation● Neutral
March 2008 presentation recaps known items: Edison Ossola 50/50 deal, Sillaro and Castello plant 30% complete, A$34m Bank of Scotland facility, gas storage JV. Cites Sillaro 1P reserves 10.4 bcf and ~A$38m annual revenue at full rate. Mostly repeats earlier news.
18 Mar 2008annual report● Neutral
Statutory accounts for 2007: loss per share was 3.12 cents (2006: 3.41 cents). Directors' report lists the board unchanged since Greil's May resignation. Remaining content truncated; nothing new on operations.
18 Mar 2008farm in farm out agreement▲ GoodMajor
Po Valley and Edison settle the Ossola dispute: Ossola will be a 50:50 JV, subject to final licence grant, with Po Valley operating until the first well. Edison's 50% in Sant'Alberto and San Vincenzo converts to a 3.75% royalty, giving Po Valley 100%.
25 Feb 2008debt financing▲ GoodMajor
Po Valley completed its €25m facility with Bank of Scotland: €5m is available now, and up to €20m more after production concessions are formally granted, now expected in the June quarter (slipped from March). Completes the facility announced in December.
30 Jan 2008regulatory community update▲ GoodMajor
Sillaro received its environmental decree from the Emilia Romagna region, one of the last steps before the production concession. Castello's decree is expected soon. Surface plant is over 20% complete. Company says first revenue is expected this year.
13 Dec 2007other● Neutral
Shareholder letter with a company brochure, recapping the rig and surface plant contracts, preliminary concession award, new applications and the Bank of Scotland facility. No new information.
5 Dec 2007debt financing▲ GoodMajor
Bank of Scotland Corporate will provide up to A$34m (€20m) of finance: A$8m initially, the rest once the production concession is formally granted. It is Po Valley's first debt and funds plant construction and 2008 wells. Final approvals expected March 2008.
12 Nov 2007regulatory community update▲ GoodMajor
The Ministry confirmed Po Valley's application for a 526 km2 licence in the northern Adriatic, its first offshore bid, covering three gas targets drilled by ENI. Recoverable reserves are expected around 45 bcf. One competing application exists; decision at next Commission.
7 Nov 2007regulatory community update▲ GoodMajor
The Ministry formally gave preliminary award of production concessions for Sillaro and Castello, resolving the long-awaited April Commission outcome. Full grant still needs environmental decrees, expected in November. Company's timetable shows final award around January 2008.
30 Oct 2007regulatory community update● Neutral
The Italian Ministry confirmed acceptance of the Po Valley and Star Energy gas storage bid lodged in September. It is a competitive tender, with a decision scheduled for January 2008. Continues the storage thread opened in June.
29 Oct 2007contract award▲ GoodMajor
Po Valley awarded SEMAT Spa a A$9.6m contract to build and install surface plant for Castello and Sillaro. Equipment is due on site May 2008, with first gas targeted early in Q3 2008. Castello is expected first, Sillaro after Sillaro 2 is drilled. Resolves the pending surface plant award.
