8 Apr 2009agm notice● Neutral
Notice of Annual General Meeting lodged and 2008 annual report made available on the company website. Administrative only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Oct 2008quarterly activities report● Neutral
September quarter: Sillaro and Castello concession decrees said to be imminent; plant installation now targeted Q2 2009. Bezzecca 1 spud slips to Q1 2009 (mid-January). Sant'Alberto now 100%. Cash A$4.2m, €4.3m drawn on the bank facility; A$3.6m raised from options.
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.
30 July 2008quarterly activities report● Neutral
June quarter: Sillaro and Castello concession grants now likely October, pushing first gas to Q2 2009. Surface plant 63% complete; Bezzecca 1 spud November. Cash A$3.96m, A$3.94m drawn on bank facility. Gas storage decision pushed to September.
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.
30 May 2008agm notice● Neutral
All seven AGM resolutions passed, including re-election of director Byron Pirola and option grants to Masterman, Bradley, McEvoy and Pirola. Administrative result; no operational news. (The letter's '2007' meeting date appears to be a typo for 2008.)
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.