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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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 Apr 2006quarterly activities report● Neutral
March quarter cash report: cash fell from A$10.4m to A$5.38m after about A$5.1m of operating and investing outflows and no financing. About A$1.67m of spending is estimated for next quarter. No borrowings.
28 Apr 2006quarterly activities report● Neutral
March 2006 quarter: Sillaro and Vitalba work progressed toward production concessions and Santa Maddalena's application is ready to lodge. Cash fell to A$5.38m, with no new financing. No new reserves or flows beyond those already reported.
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.
31 Jan 2006quarterly activities report● Neutral
December 2005 quarter cash report: cash at end of quarter was A$10.4m after an A$8.75m share issue and about A$3.8m of operating and investing outflows. About A$4.0m of spending is estimated for next quarter.
31 Jan 2006quarterly activities report▲ Good
December quarter review: Sillaro tested 12.9 million cubic feet a day across three levels, Vitalba 2.8 and Santa Maddalena was confirmed. A reserve upgrade is expected; Bezzecca drilling is planned for the second half of 2006. Cash A$10.4m.
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.