Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2020quarterly activities report▼ Bad
March quarter report: Selva production concession approval now expected in the second half of 2020 and first gas in 2021, slipping from 2020. Teodorico final approval also moves to the second half of 2020. COVID-19 has the team working from home with minimal field operations.
30 Apr 2020agm notice● Neutral
The annual general meeting is deferred because of COVID-19 restrictions, relying on ASIC's no-action position of up to two months, until no later than 31 July 2020. The board has tentatively rescheduled it to mid-June. Administrative.
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.
31 Jan 2020quarterly activities report● Neutral
December quarter report: Selva's environmental opinion is published, with the final environmental decree expected in 2Q 2020. Teodorico final approval is expected in the March quarter 2020. Torre del Moro drilling awaits an exploration ban ending February 2021, and Bagnolo/Ravizza optimisation continues.
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.
31 Oct 2019quarterly activities report● Neutral
September quarter: final environmental documents for Selva and Teodorico are with the Ministry. Management expects final production concessions in the new year, with Teodorico approval now early 2020. The A$1.4m placement is reported complete.
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.
13 Sept 2019agm notice● Neutral
Notice of an extraordinary general meeting on 15 October 2019 to ratify the 14,545,456-share first placement tranche at 5.5c. It also asks shareholders to approve director participation in the second tranche, including 4,545,455 shares for Masterman.
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.
31 July 2019quarterly activities report● Neutral
June quarter: Selva environmental study was filed in April and presented to the Ministry on 11 July. Teodorico's extra approval documents were submitted 16 July, with completion now expected in the December quarter or early 2020, a further slip from 3Q 2019.
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 2019agm notice● Neutral
Shareholders approved a new company constitution at the 30 May 2019 AGM, and the full text was released. Governance housekeeping; the excerpt does not highlight any specific change affecting shareholder returns.
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 2019quarterly activities report● Neutral
March quarter: recaps the new Selva reserves and resources and oil upgrades. Selva environmental documentation has been submitted. Teodorico received primary environmental approval, but extra water-treatment plans are needed, so full approval now targets 3Q 2019, later than the 1Q 2019 target.
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.
31 Jan 2019quarterly activities report▲ Good
December quarter: Selva preliminary concession (80.68 km2) awarded, Teodorico environmental approval targeted 1Q 2019, Torre del Moro update report finalised, and the A$1.2m placement completed. Cash at bank was €516,000 (A$837,000), up from €123,000 in September.
