Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Jan 2025regulatory community update▲ GoodMajor
Emilia Romagna region granted its INTESA approval for the 3D seismic campaign over Selva Malvezzi, ahead of the four-well drilling plan. A formal Ministry decree is expected imminently; the survey should take no more than three weeks.
13 Dec 2024other● Neutral
Share registry changed from Link Market Services to Automic from 16 December 2024. Administrative notice only.
3 Dec 2024regulatory community update▼ BadMajor
A court ruled Teodorico's environmental assessment must evaluate two newer marine protected areas, partly upholding an environmental group's challenge. PVE says its tenure is unaffected and will seek a Ministry meeting to update the study; this is a setback to the 2021 approval.
25 Nov 2024director officer appointment▲ Good
Michael Gentile, a Canadian small-cap investor and PVE shareholder, joins as non-executive director. The chairman expects his capital markets expertise to enhance growth and funding capabilities.
31 Oct 2024quarterly activities report▲ GoodMajor
September quarter: PM-1 produced 7.02m scm (100%), revenue €2.76m at €0.39/scm. Four drilling applications were filed with the Ministry. Cash rose to €4,159k. 3D seismic awaits final regional sign-off after November elections.
21 Oct 2024regulatory community update▲ GoodMajor
New Italian environmental decree allows Adriatic gas concessions within a defined area, which includes Teodorico (1P 27 Bcf). PVE says the project meets the requirements, improving clarity for a joint venture or sale; the decree must still be converted into law.
12 Sept 2024half year report▲ GoodMajor
Half-year to 30 June 2024: profit €930,241 versus a €399,260 loss a year earlier, on gas sales of €2.66m net. Cash €3.11m. The BP gas contract was extended 12 months to 30 September 2025, resolving that open thread.
2 Sept 2024investor presentation● Neutral
September 2024 conference presentation, 'A European Gas Producer', restating known figures: Selva Malvezzi 63% with net 2P 8.4 Bcf, Teodorico 2P 37 Bcf. No new information evident in the extract.
30 July 2024quarterly activities report▲ Good
June quarter: PM-1 produced 6.84m scm (100%), revenue €2.31m at €0.34/scm. Cash €3,114k. 3D seismic application filed 19 June; a drilling application is expected in Q3 2024. A surface sand detector is installed.
23 July 2024other● Neutral
PVE shares now also trade on the US OTCQB market under code PVLEF. This is an additional trading venue for US investors; no capital raising is mentioned. It follows the earlier AIM dual-listing exploration, which this is not.
24 June 2024production update▲ Good
A routine slick line test on Podere Maiar-1 showed pressure as expected with no sand or water. The well reopened 20 June at about 80,000 scm/day, with gas prices of €0.37-0.38 per scm.
19 June 2024regulatory community update▲ Good
The Italian Ministry did not appeal the annulment of the Plan of Areas, which limited hydrocarbon activity. PVE says its licences were not materially affected and it is cautiously optimistic; 3D seismic design and permitting continue.
29 May 2024other● NeutralMajor
AGM chairman's address: production reached 20.61m scm cumulative by 26 May, cash A$4.2m. The proposed Selva North/South drilling this year is replaced by a broader, slower plan after PiTESAI's annulment, and a Rome-based full-time CEO will be hired.
30 Apr 2024other● Neutral
Appendix 4G corporate governance checklist for the year ended 31 December 2023, pointing to the governance statement on the company website. Administrative; no business information.
30 Apr 2024quarterly activities report▲ Good
March quarter: PM1 produced 6.39m scm (100%) at ~80,000 scm/day, revenue €1.91m at €0.30/scm. Cash €2,108k, operating cash flow €874k net. Seismic and multi-well drilling need approvals; Teodorico seen as positively affected by the new energy law.
30 Apr 2024annual report▲ GoodMajor
2023 annual report: chairman calls 2023 pivotal, with 9.8m scm produced (6.2m net) and €2.3m revenue, the first profit after tax in many years. Cash €2.1m, no debt; plans 3D seismic and multi-well drilling, with funding options meant to be least dilutive.
28 Mar 2024annual report● Neutral
Statutory accounts for year ended 31 December 2023, lodged ahead of the annual report. The extract shows the directors' report and board unchanged; financial results are not readable in the extract provided.
9 Feb 2024investor presentation● Neutral
February 2024 webinar slides, 'A European Gas Producer', repeating known points: PM-1 producing, Selva Malvezzi 63% with net 2P 8.4 Bcf, Teodorico 2P 37 Bcf, Selva North and South drilling expected 2H 2024. No new information evident in the extract.
7 Feb 2024investor presentation● Neutral
Notice that the chairman will present at a ShareCafe Small Cap 'Hidden Gems' webinar on 9 February 2024. Administrative invitation with no new business information.
31 Jan 2024quarterly activities report▲ Good
December quarter: PM1 produced 4.18m scm (100%) for €1.77m revenue at a €0.40/cm average price. After favourable January tests, flow was set to ~78,000-80,000 scm/d. Operating cash flow €940k net and cash €1,253k; no debris found.
19 Jan 2024production update▲ Good
Chairman's site visit reports PM-1 performing well after 6 months. Testing continues at ~78,000-80,000 scm/d for four weeks, then a slick line operation before a long-term flow rate is set. A surface sand detector is planned.
31 Oct 2023quarterly activities report▲ Good
September quarter: PM1 produced 5.66m scm (100%) for €1.94m revenue at a €0.32/cm average price. Output held at ~72,000 scm/d, temporarily ~62,000 in October for testing; some debris concerns now resolved. Cash €588k plus €756k receivables.
11 Sept 2023half year report● Neutral
Half-year to 30 June 2023: loss €399,260 (prior year €374,492), cash €938,279. Covers first gas on 4 July and the completed ramp-up; Teodorico JV or sale and residual asset partner search continue. No revenue yet in the period.
6 Sept 2023investor presentation● Neutral
Investor presentation 'A European Gas Producer' repeating known points: PM-1 producing, Selva Malvezzi 63% with net 2P 8.4 Bcf, Teodorico 2P 37 Bcf, and Selva North and South drilling expected 2H 2024. No new information evident in the extract.
7 Aug 2023production update▲ GoodMajor
Four-week ramp-up of Podere Maiar-1 (63%) is complete, with about 1.8m scm sold to BP. Production resumed at a forecast 72,000 scm/d pending well-data analysis due in about 3 weeks. First gas cash flows are expected before end of August 2023.
27 July 2023quarterly activities report▲ Good
June quarter report: first gas on 4 July, ramp-up progressing to plan, €757k SNAM bond recovered. Cash €939k. Next steps include Selva North, South and East drilling, a possible Riccardina seismic programme, and third-party partners for residual assets.
5 July 2023production update▲ GoodMajor
Podere Maiar-1 delivered first gas on 4 July 2023, PVE's maiden revenue from Selva Malvezzi (63% owned), supplying BP under the 18-month contract. Ends the long development phase; flow rate will be tuned and Teodorico JV or sale still being assessed.
28 June 2023regulatory community update▲ Good
Podere Maiar-1 has all final approvals (UNMIG, Fire Department and energy ministry MASE). Production is due to begin in early July after a mandatory 8-day administrative period. Flooding delayed this past the earlier early Q2 target. Clears the last hurdle.
29 May 2023regulatory community update● Neutral
SNAM returned the €757k performance bond (€476,910 net to PVO), boosting cash. First gas is delayed because the final safety inspection is held up by severe flooding in Emilia Romagna, pushing it beyond the end-May expectation.
16 May 2023regulatory community update▲ Good
Podere Maiar-1 plant construction is complete and connected to the SNAM grid, with cost about 3% (~€132k) over budget. First gas now awaits final safety inspection and ministry approval, expected by end of May; recovery of €757k SNAM bond begins.
