Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2023quarterly activities report● Neutral
March quarter report: BP gas contract started 1 April, construction on time and budget, first gas still early Q2 CY23. Cash fell to €871k from €1,536k; 4m options exercised at A$0.05 raised A$200k in total; 1,157,961,621 shares on issue.
31 Mar 2023annual report▲ Good
2022 annual report: chairman notes final production approval, construction start and the BP offtake, with the plant said to be on track for commissioning in coming weeks. Plans G&G on Selva prospects for drilling in 2024-25 and is seeking a JV or sale for Teodorico.
31 Mar 2023other● Neutral
Appendix 4G corporate governance checklist for the year ended 31 December 2022, pointing to the governance statement on the company website. Administrative; no business information.
22 Mar 2023investor presentation● Neutral
Notice that the chairman will present at a ShareCafe Small Cap 'Hidden Gems' webinar on 24 March 2023. Administrative invitation with no new business information.
15 Feb 2023investor presentation● Neutral
Updated 'Imminent Gas Producer' presentation repeating known facts: Selva Malvezzi 63% with net 2P of 8.4 Bcf, Teodorico 2P of 37 Bcf, and tie-in wells planned at Selva North and South. No new information evident in the extract.
14 Feb 2023contract award▲ GoodMajor
Signs an 18-month gas sales agreement with BP Gas Marketing from 1 April 2023 for Podere Maiar-1 gas, about 37m scm, priced off Italy's Heren PSV day-ahead price. Resolves the offtake thread; first gas still on track for early Q2 CY23.
8 Feb 2023investor presentation● Neutral
Webinar slides titled 'Imminent Gas Producer' repeating known points: Selva Malvezzi 63% owned with net 2P of 8.4 Bcf, Teodorico 100% with 2P of 37 Bcf, and tie-in wells at Selva North and South in 12-24 months. No new information evident.
7 Feb 2023investor presentation● Neutral
Notice of an investor webinar on 8 February 2023 with the chairman, covering progress to first gas in Q2 at Podere Maiar-1 and Selva Malvezzi upside. Administrative invitation with no new business information.
30 Jan 2023quarterly activities report● Neutral
December quarter report repeating construction progress at Podere Maiar, still on track for first gas in early Q2 CY23. Final A$600k of the placement was issued. Cash was €1,536k; development spending was €986k. Partner quota transfer request sent to the Ministry in November.
20 Dec 2022drilling progress report▲ Good
Construction progress at Podere Maiar: site civil works and 4-inch pipe laying are complete, backfilling first phase is 70% done, and equipment procurement is at about 30-35%. Project is described as funded and on track for first gas in early Q2 CY23.
23 Nov 2022regulatory community update▲ GoodMajor
Final UNMIG and fire department approvals received; Podere Maiar gas plant and pipeline construction starts 28 November 2022, with SNAM tie-in works also begun. Gas sale discussions with several buyers are underway. First gas still targeted for early Q2 CY23. Clears the last approval hurdle.
31 Oct 2022quarterly activities report● Neutral
September quarter report: land access secured, TESI contract signed, pipe on site, fire department approval received 12 October, UNMIG approval awaited. Placement completed and related-party shares approved at the 5 October meeting. Cash €2,848k. First gas still early Q2 CY23.
5 Oct 2022security holder rights change● Neutral
Company releases its replacement constitution, adopted by special resolution at the 5 October 2022 general meeting. Administrative; no business impact stated.
19 Sept 2022regulatory community update▲ Good
Italy's ISMEA accepted PVE's application for ownership of the Podere Maiar well-site land, with payment being processed. Pipeline steel has arrived on site, costs are within budget, and first gas is targeted for early Q2 CY23. Advances the land ownership step.
15 Sept 2022investor presentation● Neutral
Webinar presentation repeating known facts: Selva Malvezzi 63% owned with net 2P of 8.4 Bcf, Teodorico 100% with 2P of 37 Bcf, and focus on getting Podere Maiar-1 to the grid. It also mentions possible tie-in wells at Selva North and South within 12-24 months.
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.
Create a free account to see this worked out for your own holding.
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 2022quarterly activities report● Neutral
June quarter report: Selva (Podere Maiar) INTESA approval and the 29 July final concession are recorded, with first gas still targeted for 1H 2023. Cash was €656k at 30 June 2022; operating outflow was €247k. Gas plant and pipeline contract still under negotiation.
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.
29 Apr 2022quarterly activities report● Neutral
March quarter report: Selva INTESA now expected in 2Q 2022, monitoring equipment is installed, and the plant and pipeline contractor bid is due to finish in May. Italian gas averaged €1.20/scm in March. Acreage is being reviewed for relinquishment after higher Pitesai fees.
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.
