Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 Feb 2022quarterly activities report● Neutral
December quarter report: Selva first gas stays at 1H 2023, capex is €2.65m, and the Ministry has requested the INTESA from the region. A €757k bond has been paid to Snam. Italian gas averaged €0.94/scm in January 2022, and Teodorico JV or sale options continue.
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.
29 Oct 2021quarterly activities report● Neutral
September quarter report repeats the Selva delay to first half 2023 and €2.65m capex. Teodorico's concession is now expected in Q1 2022, and the company plans to seek joint venture partners for it. Environmental groups and municipalities have sued the Ministry over Teodorico's environmental approval.
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.
30 July 2021quarterly activities report● Neutral
June quarter report: the A$10.1m raise completed. Selva and Teodorico final concessions are under ministry review, with Selva now guided to Q4 2021 and Teodorico to Q4 2021. Torre del Moro drilling plan awaits the exploration ban ending September 2021.
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.
30 Apr 2021quarterly activities report● Neutral
March quarter report: the environmental decrees for Selva and Teodorico took effect on 29 March 2021. Final production concessions slip to the third quarter of 2021, after an INTESA application for Selva. Energy responsibilities moved to the new Ecological Transition Ministry.
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.
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.
29 Jan 2021quarterly activities report● Neutral
December quarter report: a new technical commission confirmed Selva's environmental compatibility on 10 November 2020, and the final decree awaits the Minister's signature. Final concessions for Selva and Teodorico are still expected in 1Q 2021. A further A$200k of related-party funding was agreed after quarter end.
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.
30 Oct 2020quarterly activities report● Neutral
September quarter report: Selva and Teodorico final approvals slip again, now expected in the first quarter of 2021. Teodorico's environmental decree awaits the Minister's signature. The Podere Gallina quota transfer to United Oil & Gas (20%) and Prospex (17%) received its final decree in October 2020. A$500k of related-party loans were drawn.
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.
31 July 2020quarterly activities report▼ Bad
June quarter report: Selva went back to a new environmental technical commission for additional minor review, and final decree moves to 3Q 2020. Teodorico's environmental compatibility was confirmed in April 2020. Directors and related parties lent a further €60k in the quarter and €72k since, repayable 31 December 2020 at 10%.
