Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Sept 2022half year report● Neutral
Half-year loss to 30 June 2022 was €374,492, versus €186,492 a year earlier. Cash was €655,862, down from €1,262,151 at December 2021. Subsequent A$4.5m placement and the Selva concession and TESI contract are noted; first gas still 1H 2023.
12 Sept 2022investor presentation● Neutral
Notice of an investor webinar on 15 September 2022 with the chairman, covering plans after the final production approval. Administrative notice with no new business information.
11 Aug 2022contract award▲ GoodMajor
Construction contract signed with TESI Srl for the Podere Maiar gas plant and 1km pipeline: €3.45m total (€2.2m net to PVE), €130k below forecast. Construction is due to finish in Q1 CY23; first gas still targeted for early Q2 CY23. Resolves the open contract thread.
10 Aug 2022capital raising announcement▲ GoodMajor
Placement raises A$4.5m at A$0.055 per share (81.8m shares), overbid, to fund Podere Maiar construction. A$600k from director-related parties needs shareholder approval. Lead manager gets 7.5m options at A$0.10 expiring June 2024. Funds also cover Teodorico sale/JV options and 3D seismic planning.
What it means for a shareholder
81.8m new shares at about A$0.055 to raise about A$4.5m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (18,178 at the issue price), your slice goes from 0.00281% to 0.00249% of the company. To keep it you'd need 2,297 more shares - about A$126 at the issue price.
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3 Aug 2022investor presentation● Neutral
August 2022 market update presentation repeating known points: final approvals in hand, contracts being negotiated, first gas at Podere Maiar-1 expected 1H CY23, and the July 2022 CPR figures. No new information evident in the extract.
29 July 2022regulatory community update▲ GoodMajor
Italy's Ministry granted the final production concession for Podere Maiar, the last regulatory step, resolving the open Selva concession thread. First gas is still targeted for 1H 2023. Next steps include transferring 37% to Prospex/UOG and asking partners for their share of the Snam bond.
26 July 2022resource reserve update▲ GoodMajor
Updated independent report keeps 2P gas reserves unchanged, but the combined 2P value of Selva and Teodorico rises to €90.1m from €36.0m in 2019 on higher gas prices. Selva net capex rises to €2.7m. Oil resources are dropped after Pitesai, which the company says is immaterial.
22 June 2022director officer appointment● Neutral
Brent Bonadeo of XTO Capital is engaged as a consultant for an initial six months to help drive Podere Maiar towards production. He receives 3,000,000 performance rights that vest if the 30-day average share price reaches A$0.06 by 31 December 2022.
2 June 2022regulatory community update▲ GoodMajor
The Emilia Romagna Regional Council approved the Selva (Podere Maiar) INTESA, the penultimate step before the final production concession. This resolves the INTESA thread. First gas is still targeted for 1H 2023, subject to final approval, and contract talks are underway.
3 May 2022security holder rights change▲ GoodMajor
All 1,750,000 remaining convertible notes (A$1.75m) converted into 62.5m shares at A$0.028, ending that debt. Net assets rise from €9.7m at the annual report to over €10m. This closes the outstanding notes thread.
2 May 2022director officer appointment● NeutralMajor
Founder Michael Masterman retires after more than 20 years. Kevin Bailey is elected chairman, and Katrina O'Leary joins as an independent non-executive director. This resolves the chairman succession flagged in December 2021.
31 Mar 2022annual report● Neutral
Appendix 4G corporate governance checklist for the year to 31 December 2021, pointing to the statement on the company website. Administrative filing with no business news.
31 Mar 2022annual report● Neutral
2021 annual report: the chairman expects the Selva INTESA in the June 2022 quarter, followed by the final concession. Gas plant procurement is underway and the Snam grid application is lodged. Restates the A$10.1m July 2021 raise; no new figures in the extract.
1 Mar 2022regulatory community update▼ BadMajor
Italy's new Plan of Areas (Pitesai) leaves Selva unaffected but may hit Teodorico, whose no-development zone was extended. Bagnolo and Ravizza oil projects will not proceed; the company says this is not material (about €30,000 spent), and it plans to relinquish ineligible acreage.
1 Dec 2021director officer appointment● NeutralMajor
Joseph Constable of HGL joins the board as a non-executive director. Chairman Michael Masterman plans to retire before the early-2022 AGM, with a new chairman to follow. A project manager has been hired for Selva.
26 Oct 2021production update▼ BadMajor
Selva first gas slips to the first half of 2023 because Snam's grid tie-in will take longer. Capex rises to €2.65m from €2.3m. INTESA is now expected in Q4 2021 and the concession in Q1 2022, against Italian gas prices that have risen from about €0.20 to above €0.90 per scm.
12 Oct 2021half year report● Neutral
Reviewed half-year accounts confirm the €186,492 loss and describe the A$10.1m raise. Selva and Teodorico concessions are still expected in Q4 2021. Largely repeats the unreviewed accounts.
13 Sept 2021half year report● Neutral
Unreviewed half-year accounts to 30 June 2021 show a loss of €186,492 (€427,315 a year earlier). Cash rose to €1,876,122 after the raise, and net assets are €8.75m. Reviewed accounts follow under reporting relief.
30 Aug 2021joint venture update● NeutralMajor
Prospex has agreed to buy United Oil & Gas's 20% Podere Gallina interest (via its subsidiary) for €2,164,701, subject to Italian approvals. Po Valley says it has pre-emptive rights, is taking legal advice on the deal's validity, and has reserved its rights.
13 July 2021capital raising announcement▲ GoodMajor
Retail offer closed with A$2.6m raised (about 57.4% take-up), completing the A$10.1m raise. Cash is A$4.5m, A$1.75m of convertible notes remain, and the company says Selva is fully funded for first gas in Q2 2022. The shortfall of about A$0.8m goes to sub-underwriters.
1 July 2021debt financing▲ Good
The company repaid 750,000 convertible notes at A$750,000 in cash, without conversion to shares. This is part of using raise proceeds to retire the A$2.5m convertible notes.
24 June 2021capital raising announcement● Neutral
Retail offer booklet dispatched; the retail offer opens 24 June and closes 9 July at A$0.028, 1 new share for every 2 held. Administrative step in the A$10.1m raise.
21 June 2021capital raising announcement▲ GoodMajor
The placement and institutional offer closed, raising about A$7.5m at A$0.028. Institutional take-up was about 62%, including about A$3.35m of loan and interest conversion to shares, with Henslow covering the A$1.6m balance. The retail offer follows.
18 June 2021capital raising announcement● NeutralMajor
Po Valley launches a A$10.1m raise at A$0.028 a share: a A$1m placement plus a fully underwritten 1-for-2 entitlement offer (A$9.1m, underwriter Henslow). Funds go to Selva development, shareholder loan and convertible note repayment. This is the larger raise the company had planned. Offer price is a 17.6% discount to the last close.
18 June 2021investor presentation● Neutral
Presentation supporting the A$10.1m raise, mostly legal disclaimers and offer details already announced the same day. No new information is visible in the readable text.
5 May 2021admin correction● Neutral
Addendum to the April 2021 investor presentation adding required disclosures: resource estimates come from the April 2019 independent CGG report, plus cautionary wording on prospective resources. No new figures or results.
30 Apr 2021annual report▲ Good
2020 annual report. The chairman calls the March 2021 environmental approvals a major milestone and expects Teodorico's full concession in the second half of 2021. Selva remains the number one priority. Auditor is now HLB Mann Judd, replacing Bentleys.
30 Apr 2021other● Neutral
2020 Corporate Governance Statement and Appendix 4G. It describes a three-person board with no separate committees. Administrative; no new operational or financial information.
26 Apr 2021investor presentation● Neutral
April 2021 investor presentation repeating known project data: Selva 2P 13.4 Bcf with €2.3m capex, Teodorico 2P 36.5 Bcf with €53.7m capex, Torre del Moro 106 MMbbl prospective. Shows 647m shares and a A$22.7m market cap. No new information.
6 Apr 2021regulatory community update▲ GoodMajor
Italy signed the environmental impact decrees for both Selva and Teodorico, ending a long wait for the Minister's signature. Next come the INTESA process for Selva and concession paperwork for Teodorico, both to be lodged in the June quarter. First Selva gas is now targeted for mid-2022, later than the earlier 2021 aim.
