Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Apr 2012resource reserve update● NeutralMajor
Independent review by Fugro Robertson puts 2P gas reserves at 8.9 bcf (11.8 bcf in 2010), reflecting 1 bcf produced and the Castello cut. Gas 2C contingent resources rise to 44.1 bcf from 21.6 bcf, plus 10 mmbbls of 2C oil at Bagnolo in Piano and Ravizza.
13 Dec 2011drilling progress report● Neutral
Fifth Vitalba-1dirA update: the well is cased and the gas interval perforated, and it is being prepared for flow testing. Final depth is 1,730 m. Test results will be announced separately.
6 Dec 2011drilling result▲ GoodMajor
Vitalba-1dirA reached 1,730 m measured depth (1,524 m vertical). Logs show one gas zone, 4.2 m of pay in the Pliocene SAN A2 sand, so the well will be completed and flow-tested. The first sign the Castello restart well found gas.
29 Nov 2011drilling progress report● Neutral
Fourth Vitalba-1dirA update: the sidetrack is drilling at 1,380 m measured depth towards the planned 1,750 m, with logging next. No result yet.
22 Nov 2011drilling progress report● Neutral
Third Vitalba-1dirA update: casing milling finished at 500 m and the whipstock is being set to start the new sidetrack. Depth is 545 m. Total depth is still planned at about 1,750 m.
15 Nov 2011drilling progress report● Neutral
Second Vitalba-1dirA update: milling out 7-inch casing, with a slight delay from a programme change. Depth is unchanged at 770 m, with total depth still planned at about 1,750 m.
8 Nov 2011drilling progress report● Neutral
First weekly update on Vitalba-1dirA: at 770 m, cementing the old borehole and preparing a sidetrack. Planned total depth is about 1,750 m, expected within 10 days. No result yet.
31 Oct 2011drilling spud● NeutralMajor
Workover has started at Vitalba-1dirA, the well meant to restart Castello. It should take 20 days to reach 1,400 m vertical depth. The company's reservoir consultants estimate remaining 2P reserves at 3.7 bcf.
24 Oct 2011drilling scheduled● Neutral
The rig for Vitalba-1dirA has begun moving to Castello. Spud is expected by month-end, with about 35 days of workover; production is still expected around end 2011 if successful. This follows the earlier end-September estimate.
19 Aug 2011drilling scheduled● Neutral
Civil work has started for Vitalba-1dirA, the well meant to restart Castello. Spud is still estimated for end September, once the rig finishes a Gas Plus job; production is expected toward end 2011 if successful. Sillaro level E is closed and C0 opened.
14 Feb 2011drilling progress report● Neutral
Seismic surveys began at Sant'Alberto and the Cembalina prospect: 40 firm line-km plus 20 contingent. Data should finalise the Sant'Alberto concession, now targeted for gas production approval in early 2012, and fix the Cembalina well location.
8 Sept 2010resource reserve update▼ BadMajor
A review of Sillaro and Fantuzza cut both. Sillaro 1P fell 22% to 8.1 bcf and 2P fell 40% to 8.8 bcf, while Fantuzza 2C fell 78% from 26.6 bcf to 5.8 bcf. The Correggio review was still ongoing.
26 July 2010resource reserve update▼ BadMajor
Castello 2P reserves cut 42% to 3.66 bcf (from 6.3 bcf); 1P falls to 0.11 bcf. The existing well can only make 3,000-5,000 m3/day. Most remaining gas sits in an attic needing a new ~€2.5m well, Vitalba-1dirA, with authorisation expected by 2Q 2011.
15 Apr 2010resource reserve update▼ BadMajor
Bezzecca development plan: 2P reserves cut to 3 bcf, with two wells producing about 2 mmcf/d via an 8 km line to Castello. Geology is more complex than expected. Production is targeted by 2012, a sharp downgrade from the earlier larger estimate.
15 Sept 2009resource reserve update● NeutralMajor
Company adopts a revised reserves policy following SPE/WPC principles. Bezzecca and Fantuzza become Contingent Resources until development plans are approved, and Bezzecca contingent resources are expected to be lower than pre-drilling targets. Sillaro reserves will be reassessed after Sillaro-2.
28 July 2009drilling result▲ GoodMajor
Sillaro-2 reached 2,364 m on schedule; logs confirm the main pay zones seen in Sillaro-1 over 140 m gross (2,180-2,320 m). Extra possible zones, including 15 m at 2,020 m, will be completed and tested in early August.
14 July 2009drilling progress report● Neutral
Sillaro-2 directional well at 1,276 m measured depth, preparing to run 9 5/8 inch casing. No new result.
3 July 2009drilling spud▲ GoodMajor
Sillaro-2 production well spudded 2 July, planned to about 2,400 m vertical depth in roughly 24 days. With Sillaro-1 it should give 3.8 mmcf/d initial capacity; completion expected end of August before plant installation.
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.
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.
18 Mar 2008farm in farm out agreement▲ GoodMajor
Po Valley and Edison settle the Ossola dispute: Ossola will be a 50:50 JV, subject to final licence grant, with Po Valley operating until the first well. Edison's 50% in Sant'Alberto and San Vincenzo converts to a 3.75% royalty, giving Po Valley 100%.
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.
