Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2021annual report● Neutral
Unaudited 2020 accounts show a loss of €1,048,318 (2019: €1,504,741). Cash was €44,107 and net assets €4.2m. Directors and major shareholders lent €609,950 during the year. Audited accounts follow under COVID reporting relief.
6 Nov 2020debt financing● Neutral
Directors increased existing loan facilities by a further €100,000 (A$166,000), unsecured, maturing 31 December 2021 at 10% interest, for working capital while Selva final approval is awaited. Adds to the insider support keeping the company funded.
12 Oct 2020half year report● Neutral
Reviewed half-year accounts to 30 June 2020 confirm the €427,315 loss (€838,787 a year earlier). Subsequent A$500,000 (about €310,000) of director and shareholder funding is noted. Final Selva approval is still expected in late 2020, with the next fundraising predicated on it.
11 Sept 2020half year report● Neutral
Unreviewed half-year accounts to 30 June 2020 show a loss of €427,315, down from €838,787 a year earlier. Cash was €31,149. The auditors' review is delayed under ASIC COVID relief, with the reviewed report due by 14 October 2020.
19 Aug 2020listing compliance notice▼ BadMajor
PVE replied to an ASX query on its low cash, €31,000 at 30 June 2020. It cites cost cuts, A$500,000 of director and shareholder loans, and Selva approval it expects by October 2020, so it can fund development by December 2020. Continued listing remains in question.
19 Aug 2020debt financing● NeutralMajor
Directors and major shareholders extended A$500,000 of loans since 30 June 2020, maturing 31 December 2021 at 10% interest, for working capital. Management plans a larger fund raising in late 2020 once Selva is approved, which it now expects in the December quarter.
30 Apr 2020annual report● Neutral
2019 annual report. The chairman calls Selva the number one priority, expects its final concession in the second half of 2020, and expects Teodorico's full concession in the same period. It repeats the 111 and 28 million cubic metres a year first-year production targets.
30 Apr 2020other● Neutral
Appendix 4G, the checklist pointing to the corporate governance statement for the year ended 31 December 2019. Administrative; no new operational or financial information.
30 Apr 2020other● Neutral
Corporate governance statement current at 30 April 2020. It describes a three-person board with no separate audit or remuneration committees. Administrative; no new operational or financial information.
1 Apr 2020annual report● Neutral
Full-year statutory accounts for 2019, but the text is garbled and unreadable. Text not readable.
3 Mar 2020director officer appointment● Neutral
Non-executive director and co-founder Dr Byron Pirola resigned from the board on 3 March 2020 to pursue other business interests. He says he remains a strong shareholder. The board falls from four to three directors.
7 Jan 2020regulatory community update▲ GoodMajor
Italy's Environment Ministry gave formal technical environmental approval for the 63%-owned Selva gas field, resolving the environmental thread open since April. Still needed: ministerial decree, INTESA agreement and final concession grant, with development slated for 2020.
23 Dec 2019director officer appointment● NeutralMajor
Sara Edmonson joins as non-executive director from 23 December 2019. She previously led Po Valley Energy from July 2010 to 2017, so this is a return to the company, and now heads an Italian energy association. The board grows to four.
13 Sept 2019half year report● Neutral
Half-year to 30 June 2019 shows a loss of €838,787, against a €3.28m profit in the same period of 2018. First placement tranche brought in A$800,000 in August; director tranche awaits shareholder approval. Operational text repeats the quarterly report.
31 July 2019capital raising announcement● NeutralMajor
PVE raised A$1.4m by placing 25.45m shares at 5.5c, up from the 4.2c placement in December 2018. 14.5m shares issue in August; 10.9m to directors need a September general meeting. Funds go to Selva, Teodorico and working capital.
What it means for a shareholder
25.4m new shares at A$0.055 to raise about A$1.4m. That's 3.9% dilution: every existing holder's slice gets 3.9% smaller. If you held A$1,000 of shares (18,182 at the issue price), your slice goes from 0.00292% to 0.00281% of the company. To keep it you'd need 744 more shares - about A$41 at the issue price.
Create a free account to see this worked out for your own holding.
25 June 2019investor presentation● Neutral
June 2019 investor presentation restating the four assets and known reserves and resources. Shows 621m shares on issue and market cap A$32.3m (20 June). Selva and Teodorico figures repeat earlier announcements; no new results.
4 June 2019other● NeutralMajor
PVE is in preliminary stages of exploring a dual listing on London's AIM, aiming to improve share liquidity, and has appointed Cairn Financial Advisors and Turner Pope Investments. No decision is made, including on whether to raise new capital at listing.
30 May 2019investor presentation● Neutral
AGM presentation restating the four-asset portfolio: Selva 2P 13.4 bcf with capex €2.3m, Teodorico 2P 36.6 bcf with capex €53.7m, Bagnolo/Ravizza and Torre del Moro 106 MMbbl prospective. Largely repeats known April figures; Selva first gas still 4Q 2020.
30 Apr 2019other● Neutral
Corporate governance statement current at 30 April 2019, released with the annual report. It describes a three-person board (Masterman as Chair and CEO, two non-executives) with no separate audit or remuneration committees. Administrative; no new operational or financial information.
30 Apr 2019annual report● Neutral
Appendix 4G key to corporate governance disclosures for the year to 31 December 2018, authorised by Masterman on 30 April 2019. It points to the governance statement on the website. Administrative compliance form with no new substance.
30 Apr 2019annual report● Neutral
2018 annual report: restates that Selva's concession was approved in January 2019 and its environmental documentation was submitted in April 2019. Teodorico has 37 bcf 2P reserves and primary environmental approval, and the Coro spin-off is complete. Main priority remains first gas from both fields.
26 Apr 2019resource reserve update● Neutral
Cover letter releasing CGG's updated competent persons report (dated 24 April 2019) on PVE's Italian assets. The excerpt is disclaimers only; the resource numbers are in the companion releases of the same day.
26 Apr 2019resource reserve update▲ GoodMajor
Selva gains 14.1 bcf of 2C contingent resources (North Flank 8.9, South Flank 5.2) from none previously. Prospective resources rise 74% to 91.5 bcf best estimate from 52.7 bcf, helped by the new Riccardina prospect. Reserves stay at 13.3 bcf 2P.
26 Apr 2019resource reserve update▲ GoodMajor
Maiden prospective resources of 106 MMbbl (best estimate) for Torre del Moro and 54.5 MMbbl for Bagnolo SW. 2C contingent resources rise to 27.3 MMbbl at Bagnolo in Piano and 16.1 MMbbl at Ravizza, all 100% PVE. This lifts the oil inventory on the retained Cadelbosco/Grattasasso licences, which were kept after the Delta sale collapsed.
29 Mar 2019annual report● Neutral
Full-year statutory accounts to 31 December 2018, lodged as the financial report. The visible text is only the contents, directors' details and corporate directory; no financial figures are shown in the excerpt. Directors are unchanged.
8 Feb 2019resource reserve update▲ GoodMajor
Maiden Selva reserves: 13.3 bcf gross 2P (8.38 bcf net to PVE at 63%), reclassified from the earlier 17 bcf 2C contingent resource figure after the preliminary concession award. East Selva prospective resources of 34.8 bcf (30% chance of success) are also reported; start-up capex is stated as €3m gross.
8 Feb 2019resource reserve update● Neutral
CGG's independent competent persons report on the Selva field (Podere Gallina licence), final version dated 6 February 2019. The visible text is disclaimers and conditions only; the figures are in the companion release on maiden reserves.
15 Jan 2019regulatory community update▲ GoodMajor
Italy granted preliminary approval of the Selva production concession (PVE 63%). PVE targeted final production approvals by the first half of 2020 and first gas late in calendar 2020.
19 Dec 2018capital raising announcement● NeutralMajor
PVE raised A$1.2m through a placement of 28.6m shares at 4.2c. Of these, 18.5m shares are issued now and 10.1m go to directors and associates, subject to a general meeting in early February 2019. Funds go to Selva, Teodorico and working capital.
What it means for a shareholder
28.6m new shares at A$0.042 to raise about A$1.2m. That's 4.6% dilution: every existing holder's slice gets 4.6% smaller. If you held A$1,000 of shares (23,810 at the issue price), your slice goes from 0.00401% to 0.00383% of the company. To keep it you'd need 1,148 more shares - about A$48 at the issue price.
Create a free account to see this worked out for your own holding.
7 Nov 2018investor presentation● Neutral
Investor update restating known plans: Selva 3D seismic in Q2 2019, first gas Q4 2020, and Teodorico €52m capex with first gas Q2 2021. Shows market cap A$24.9m, cash A$0.1m and debt A$4.5m. Partners or debt are being sought for Teodorico.
