Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Oct 2007contract award▲ GoodMajor
Po Valley signed a contract with HydroDrilling for the Ideco 1200 rig to drill Sillaro 2, Bezzecca 1 and Fantuzza 1 from April 2008. Sillaro 2 is to be drilled before first production. This secures the rig for the next drilling program.
31 Aug 2007half year report● Neutral
Half-year to June 2007 net loss was A$1.36m (2006: A$1.63m). Cash A$8.18m and no debt; net assets A$42.8m. Operating update repeats known items; surface plant award slipped to early September. Greil's May resignation is noted.
31 July 2007capital raising announcement● Neutral
Harbinger took a further 450,000 shares at A$1.65, raising A$742,500, lifting it to 16.2m shares (17.9%). Recent raisings total about A$8m. Shares on issue reach 90.3m.
What it means for a shareholder
450,000 new shares at A$1.65 to raise about A$742,500. That's 0.523% dilution: every existing holder's slice gets 0.523% smaller. If you held A$1,000 of shares (606 at the issue price), your slice goes from 0.000708% to 0.000705% of the company. To keep it you'd need 3 more shares - about A$5 at the issue price.
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22 June 2007capital raising announcement● Neutral
Formal notice and Appendix 3B confirming issue of 4,325,000 shares at A$1.65, raising A$7,136,250, as announced on 19 June. Administrative; no new information.
What it means for a shareholder
4.3m new shares at A$1.65 to raise about A$7.1m. That's 4.8% dilution: every existing holder's slice gets 4.8% smaller. If you held A$1,000 of shares (606 at the issue price), your slice goes from 0.000708% to 0.000674% of the company. To keep it you'd need 31 more shares - about A$51 at the issue price.
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20 June 2007capital raising announcement● NeutralMajor
Po Valley placed 4,325,000 shares at A$1.65 to raise A$7.136m, mainly to John Hancock (3.5m shares), Cranport and Hunter Hall. Funds go to first production, exploration and gas storage. Shares on issue rise to 89.88m. The price is below the A$1.95 placement of 2006.
What it means for a shareholder
4.3m new shares at A$1.65 to raise about A$7.1m. That's 4.8% dilution: every existing holder's slice gets 4.8% smaller. If you held A$1,000 of shares (606 at the issue price), your slice goes from 0.000708% to 0.000674% of the company. To keep it you'd need 31 more shares - about A$51 at the issue price.
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18 June 2007regulatory community update● Neutral
Court ruled on Edison's challenge to the Ossola licence: no grounds to overturn the Ministry's decision, but it must give fuller reasons for preferring Po Valley. Po Valley expects reconsideration at the next Commission and is confident of re-award. This partly resolves the 18 April hearing.
7 June 2007joint venture update▲ GoodMajor
Po Valley and UK gas storage operator Star Energy will jointly bid for up to five Italian gas storage licences. Tenders close September 2007 and results are expected in the first quarter of 2008. This opens a new business line beyond gas production.
30 May 2007investor presentation▲ Good
AGM presentation: three fields are targeted for production in 2008, with gas sales from Castello and Sillaro. At full rate of 7.5 mmcf/d it indicates about A$30m annual revenue. It highlights a 200 mbbl Rovagnate oil target and a new gas storage initiative. Largely repeats known facts.
23 May 2007director officer appointment● Neutral
Executive director Dietmar Greil resigned on 22 May. He ran the Italian subsidiary from 1996 to 2002 and helped secure the first three licences. He moves to a business development joint venture, and the board will not replace him.
21 May 2007regulatory community update● Neutral
Po Valley says Italian approvals took longer than expected, with Sillaro and Castello concession grants now expected in the second half of 2007. Eight new prospects of 10-80 bcf are targeted for drilling from late 2008. 2P reserves are 105 bcf. Sillaro 2 will be drilled before first production.
27 Apr 2007annual report● Neutral
2006 annual report: operating loss A$2.8m and cash A$5.1m at year end after the A$5.85m placement. Chairman hopes for first gas production and sales in 2007 and early 2008, later than earlier targets. Board and drilling plans unchanged.
12 Mar 2007annual report● Neutral
Full-year 2006 accounts with the directors' report and board biographies. The text shown contains no financial results. Board unchanged: Bradley chair, Masterman CEO. Del Borrello became CFO in September 2006.
4 Dec 2006other● Neutral
Notice that 36,229,474 shares and 3.2 million options leave ASX escrow on 14 December 2006. Administrative; the text gives no reason beyond the listing rule.
14 Nov 2006material agreement▲ GoodMajor
SNAM Rete Gas agreed a Sillaro grid connection only 300 metres away, with an estimated A$230,000 cost. Po Valley also signed an engineering, procurement and construction contract with Orion Energy for the Sillaro and Castello surface plants. This replaces the earlier 4km spur plan.
31 Oct 2006capital raising announcement● Neutral
Re-release of the 30 October announcement: A$5.85m placement of three million shares at A$1.95 to Harbinger and Hunter Hall, plus exclusive rights on five new licences. No new information.
30 Oct 2006capital raising announcement▲ GoodMajor
Po Valley raised A$5.85m by placing three million shares at A$1.95 with Harbinger (17.2% holder) and Hunter Hall (14.1%). Shares on issue reach 85.5m. It also won exclusive rights to proceed with five new licences covering 1,610 sq km. This follows the falling cash balance.
25 Aug 2006half year report▼ Bad
Half-year to June 2006 net loss was A$1.63m (2005: A$0.57m), including A$0.92m of written-off resource property costs. Cash fell to A$2.77m from A$10.4m. No debt is reported and no new operating information is given.
2 June 2006regulatory community update▲ GoodMajor
Po Valley lodged its Sillaro production concession application, the formal start of approval for first commercial gas. Sillaro 2 is planned for 2006 or early 2007, with a spur line to the national grid targeted at over 8 million cubic feet a day.
30 May 2006investor presentation● Neutral
AGM presentation restating known results, 130.4 bcf 3P reserves, the eight new licence applications and production targeted for 2007. Cash is A$5.4m and market value about A$125m. No new information.
30 May 2006asset acquisition disposition▲ GoodMajor
Po Valley has applied for eight new exploration licences covering 2,005 square kilometres, almost double its current area. Grants are expected progressively through 2007; five applications have competing bids, so joint ventures are being discussed. These are applications only, not yet granted.
1 May 2006annual report● Neutral
2005 Annual Report restates three successful fields drilled and tested, 70% growth in 2P reserves and a 2006 plan focused on getting Sillaro into production. Also plans to drill Sillaro 2 and Bezzecca. Largely repeats known information.
28 Mar 2006well test result▲ Good
Gas samples from Sillaro and Vitalba were about 99% methane, dry and high quality. Management says this means little surface plant is needed to reach the nearby pipeline, keeping development costs low.
21 Mar 2006annual report● Neutral
Full-year accounts for 2005 show a net loss of A$2.27m (2004: A$1.61m), a loss of 3.19 cents per share. Includes the directors' report and board details; principal activities are gas exploration and development in the Po Valley.
21 Feb 2006resource reserve update▲ GoodMajor
Proven gas reserves rose 45% to 36.6 bcf from 25.3 bcf after a consultant review; 2P was steady at 104.6 bcf and 3P at 130.4 bcf. First sales at Sillaro and Vitalba are targeted for late 2006 or early 2007.
21 Feb 2006investor presentation● Neutral
Presentation to Australian investors repeating the reserve upgrade and test results already announced. It restates first production in late 2006 or early 2007, cash of A$10m and a market value of about A$105m. No new information.
30 Jan 2006well test result▲ GoodMajor
Vitalba 1d flowed 2.8 million cubic feet a day from the San 1 and San 2 levels, above the 1 to 1.5 million expected. Third positive test in six weeks after Sillaro and Santa Maddalena; further evaluation is needed before production.
