Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Jan 2011production update▲ Good
Second-half 2010 output rose 69% to 16.84m m3 and revenue 75% to €4.52m. Full-year 2010 output was 26.78m m3, revenue €7.1m. Castello stayed at limited rates, with restart planned for the June quarter 2011 if the new well succeeds.
31 Dec 2010other● Neutral
Company publishes a new securities trading policy for directors and employees, covering insider trading rules, consent to deal and disclosure. Administrative, with no effect on operations or finances.
28 Oct 2010quarterly activities report● Neutral
September quarter: output 8.9m m3, revenue €2.4m, cash €2.0m, debt €7.0m. Castello restart is planned for June quarter 2011 if the new well succeeds. Fantuzza-1 drilling approvals are expected early 2011, with farm-out options explored. Share price $0.24.
13 Oct 2010production update▲ Good
September quarter output was 8.92m m3, up 96%, led by Sillaro at 8.59m m3, while Castello fell to 0.33m m3. Revenue was €2.43m. Sillaro passed the Bank of Scotland completion test, cutting the margin from 3.0% to 1.8%. Cash €2.0m, debt €7.0m.
12 Oct 2010director officer appointment● NeutralMajor
Giovanni Catalano, Deputy CEO/COO since July, becomes CEO from 11 October 2010, succeeding founder Michael Masterman, who becomes non-executive Deputy Chairman. The text says Masterman is leaving his executive role to take a position at a major mining company. Catalano's fixed pay is €180,000.
21 Sept 2010security holder rights change● Neutral
Administrative s708A notice: 212,642 shares issued at $0.33 on 17 September 2010 to employees in lieu of cash bonuses. Immaterial dilution.
16 Sept 2010investor presentation● Neutral
RIU Good Oil conference presentation restating known figures: reserves 1P 8.2 / 2P 12.5 bcf, contingent resources 2C 56.4 bcf. Game plan is steady Sillaro output, a new Castello well, debt reduction and farm-outs for Gradizza and Cembalina drilling. No new announcements.
8 Sept 2010resource reserve update▼ BadMajor
A review of Sillaro and Fantuzza cut both. Sillaro 1P fell 22% to 8.1 bcf and 2P fell 40% to 8.8 bcf, while Fantuzza 2C fell 78% from 26.6 bcf to 5.8 bcf. The Correggio review was still ongoing.
29 July 2010quarterly activities report● Neutral
June quarter output was 4.6m m3 (Sillaro 2.3m, Castello 2.3m), revenue €1.22m. Sillaro runs at 98,000 m3/day. Repeats the Castello reserve downgrade and new-well plan. Cash was A$3.6m, drawn debt A$10.1m. Report text is truncated.
26 July 2010resource reserve update▼ BadMajor
Castello 2P reserves cut 42% to 3.66 bcf (from 6.3 bcf); 1P falls to 0.11 bcf. The existing well can only make 3,000-5,000 m3/day. Most remaining gas sits in an attic needing a new ~€2.5m well, Vitalba-1dirA, with authorisation expected by 2Q 2011.
23 July 2010regulatory community update▲ GoodMajor
The tribunal rejected the rival bidder's challenge to the Azzurra offshore licence preliminary award, clearing the way for final grant, expected second half 2010. The 526 km2 Adriatic area includes four gas discoveries. This resolves the legal dispute open since October 2008.
21 July 2010director officer appointment● Neutral
Greg Short, a geologist with 33 years at Exxon, is appointed non-executive director of Po Valley. Roberto Fazioli joins the board of Italian subsidiary Northsun Italia. Short brings reserves expertise after the Bezzecca and Castello downgrades.
8 July 2010director officer appointment● NeutralMajor
Giovanni Catalano, formerly CEO of Mediterranean Oil & Gas, becomes Deputy CEO and COO, succeeding Doug Colkin whose contract ended in June. Sara Edmonson joins as Finance and Administration Manager, and two technical hires were made.
6 July 2010production update▼ BadMajor
June quarter production was 4.6m m3, down 15%, with revenue about €1.22m. Sillaro reached about 95,000 m3/day. Castello tests found water entering the deeper San A2 level, which is now closed, and possible perforation problems on San A1. Debt cut to €7m; cash €2.5m.
20 May 2010admin correction● Neutral
Corrected re-release of the Sillaro production announcement, fixing the date from 19 April to 19 May 2010. Content unchanged.
19 May 2010investor presentation● Neutral
AGM presentation repeating known facts. Reserves shown: Castello 1P 4.6 / 2P 6.3 bcf, Sillaro 10.4 / 14.4 bcf, Bezzecca 3.1 bcf 2C. Fantuzza drilling second half 2010, and an external audit of reserves is planned at year end 2010.
19 May 2010other▼ Bad
AGM chairman's address: Castello shut in for pressure tests and lower rates and substantially reduced reserves are expected, with an update in June. Sillaro started this week. Cash €3.6m and debt €9.0m at 30 April; share price fell from about A$1.20 to A$0.35.
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.
4 May 2010quarterly activities report▼ Bad
March quarter: Castello 5.4m m3, revenue €1.36m, but pressure decline under investigation. Bezzecca contingent resource cut from 44 to 3.1 bcf (2C). Shares fell to A$0.375 on 30 April from A$1.22. Sillaro starting; net debt €10.3m; cash €5.1m.
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.
22 Jan 2010quarterly activities report▲ Good
December quarter: Castello started production 17 December, with 630,000 cubic metres in 2009 and now 60,000 m3/day. Sillaro plant 87% complete, commissioning February. Cash A$10.3m, net debt A$5.7m. Fantuzza drilling now mid-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.
