Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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 2007quarterly activities report● Neutral
June quarter: the 12 April concession decision is still not formally notified. Environmental approval is now expected September/October 2007. Surface plant contracts are due for preliminary award in August. Ossola goes back to the Commission. Cash A$8.14m after the A$7.8m raising.
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.
31 May 2007agm notice● Neutral
All four AGM resolutions passed on a show of hands: re-election of Bradley and McEvoy, the remuneration report, and ratification of the earlier share issue. Administrative.
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.
30 Apr 2007quarterly activities report● Neutral
March quarter: Sillaro and Castello concessions were considered at the 12 April Commission, with formal outcome still awaited. Ossola hearing was held 18 April, decision pending. Sant' Alberto application now expected in July. Reservoir finance talks are advancing. Cash A$3.76m.
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.
27 Apr 2007quarterly activities report● Neutral
March quarter cash report: cash fell from A$5.09m to A$3.77m after about A$1.2m of operating and investing outflows and A$85k of share issue costs. No debt. About A$2.0m of spending is estimated next quarter.
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.
31 Jan 2007quarterly activities report● Neutral
December quarter: Sillaro and Castello concession applications are expected at the April 2007 Hydrocarbon Commission, with grid connections agreed. Edison is legally challenging the Ossola licence award, with a hearing on 18 April 2007. Cash A$5.08m after the placement.
31 Jan 2007quarterly activities report● Neutral
December quarter cash report: cash rose from A$1.01m to A$5.09m after the A$5.85m placement, against about A$1.7m of operating and investing outflows. About A$2.0m of spending is estimated next quarter. No borrowings.
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.
31 Oct 2006quarterly activities report● Neutral
September quarter: all three production concession applications are under Ministry review. Vitalba is renamed Castello and Santa Maddalena Sant' Alberto. Five new licences were preliminarily awarded and 51km of Miocene seismic was acquired. Cash A$1.1m, before the A$5.85m placement.
31 Oct 2006quarterly activities report▼ Bad
September quarter cash report: cash fell from A$2.77m to A$1.01m after about A$1.7m of outflows and no financing. About A$2.0m of spending is estimated next quarter. The A$5.85m placement came after quarter end.
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.
31 July 2006quarterly activities report▼ Bad
June quarter cash fell from A$5.38m to A$2.77m after about A$2.2m of operating and investing outflows and a A$0.4m outflow in financing. About A$1.0m of spending is estimated for next quarter, and there were no borrowings.
31 July 2006quarterly activities report● Neutral
June quarter: Sillaro and Santa Maddalena concession applications are lodged and Vitalba's is due in August. Fantuzza 1, a deeper Miocene well, is planned. Dom Del Borrello becomes CFO. Cash is A$2.77m.
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.
