Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Oct 2017regulatory community update▲ GoodMajor
Italy's Ministry granted the Sant'Alberto production concession (19.51 km2, 2P 2.0 bcf), as expected in October. First gas now expected summer 2018, with plant installation done by end Q2 2018. Shell is contracted to take all output.
6 Oct 2017business combination● NeutralMajor
Non-binding heads of terms for PVE's 54%-owned Saffron to acquire Sound Energy's Italian assets and PVE's remaining Italian assets (Selva 80%, Teodorico, Torre del Moro). PVE would hold 51% of the enlarged Saffron, completing early 2018; James Parsons to chair.
27 Sept 2017regulatory community update▲ Good
The Emilia Romagna region granted the Intesa for Sant'Alberto, clearing the way for the full production concession expected in October. First production is now targeted for the first half of 2018. Resolves the June delay, though first gas is later than first hoped.
26 Sept 2017capital raising announcement● NeutralMajor
Saffron Energy raised £1.25m (A$2.16m) in a placing, cutting PVE's stake from 65% to 54%. Funds are for acquisition opportunities and raising Sillaro and Bezzecca output. PVE is diluted but retains control.
25 Sept 2017asset acquisition disposition▲ GoodMajor
PVE is selling its 85% of Cadelbosco di Sopra and 100% of Grattasasso for €1.13m (A$1.69m) to a London private-equity-backed company. Completion needs ministry approval, expected in the March 2018 quarter. Proceeds will part-fund the Selva well.
13 Sept 2017half year report● Neutral
Half-year to 30 June 2017 net loss was €1.17m, versus €2.42m a year earlier. Production was 2.6m scm. Repeats the Bezzecca ramp-up, Sant'Alberto delay and Selva drilling plans.
25 July 2017auditor change● Neutral
Bentleys NSW Audit replaced Ernst & Young as auditor from 25 July 2017, after EY resigned and ASIC consented. The board says Bentleys suits the company's size and stage; shareholders vote at the next AGM.
11 July 2017production update▲ Good
June-quarter production from Sillaro and Bezzecca rose 104% to 1.762m scm, with revenue up 93% to €376k at about €0.213/scm. A downhole choke is due in early July; Selva rig contracting is expected in the September quarter.
4 July 2017director officer appointment● Neutral
Lisa Jones stepped down as Company Secretary on 3 July 2017. Zoe Levendel of Company Matters Pty Limited replaces her and is also the ASX communications contact.
29 June 2017regulatory community update▼ Bad
Sant'Alberto's production concession is delayed. The regional Intesa, expected by end of H1 2017, is now expected in Q3, and first gas has slipped to about Q1 2018 from 2H 2017.
8 June 2017capital raising announcement● Neutral
Second tranche of the A$1.18m placement completed after shareholders approved it at the 31 May AGM. 28,355,071 shares went to directors and related parties, bringing total shares to 593,260,128. Closes the placement thread.
15 May 2017production update▲ Good
Bezzecca testing is complete and commercial production has begun. Level A is flowing 20-25,000 scm/day, with 30-35,000 scm/day planned from early July once a downhole choke is fitted. This is a little below the 30-40,000 earlier flagged.
8 May 2017farm in farm out agreement▲ GoodMajor
Conditional deal for United Oil & Gas to earn 20% of the Podere Gallina licence (Selva gas field) by funding 40% of the Podere Maiar-1 well. Conditions are expected by July 2017, with drilling in the December quarter. This answers the farm-in search for Selva.
28 Apr 2017admin correction● Neutral
Appendix 4G key to corporate governance disclosures for FY2016, pointing to the governance statement on the company website. Administrative filing accompanying the annual report; no new substance.
28 Apr 2017annual report▲ Good
2016 annual report. Chairman says debt fell 69% to €860k and March-quarter cash was €1.16m. Selva drilling targeted for October 2017, Bezzecca producing since April. Figures are the chairman's own account; full accounts not read.
28 Apr 2017other● Neutral
Corporate governance statement, current at 31 March 2017. Notes the board is three directors and that audit and remuneration duties have been done by the full board since 1 August 2016. Administrative.
21 Apr 2017other● Neutral
Share registry Link Market Services is changing its Perth address from 24 April 2017. Administrative notice listing many companies, including PVE; no substance for the company.
19 Apr 2017production update▲ GoodMajor
First gas flowed from Bezzecca on 13 April 2017, ramping toward 30,000-40,000 scm/day, worth about €190-250k a month. With Sillaro (~10,000 scm/day), group output is expected to rise to 40-50,000 scm/day. Resolves the long-awaited first gas.
13 Apr 2017production update▲ Good
Italy's Ministry of Economic Development (UNMIG) gave final approval for gas production at Bezzecca on 11 April 2017, with commissioning and first gas to begin over the following days. The start came about three months after the original January target.
5 Apr 2017capital raising announcement● Neutral
Statutory notice that 14,526,966 first-tranche placement shares were issued at A$0.0275 on 5 April 2017. Administrative.
4 Apr 2017capital raising announcement● NeutralMajor
Placing to raise A$1.18m via 42.88m shares at A$0.0275, above the A$0.02 of the last raise. Funds go to Selva and Teodorico, about A$480k repayment of shareholder loans, and working capital. Directors' 28.4m shares await approval at the 31 May AGM.
What it means for a shareholder
42.9m new shares at A$0.0275 to raise about A$1.2m. That's 7.2% dilution: every existing holder's slice gets 7.2% smaller. If you held A$1,000 of shares (36,364 at the issue price), your slice goes from 0.00661% to 0.00613% of the company. To keep it you'd need 2,833 more shares - about A$78 at the issue price.
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31 Mar 2017annual report● Neutral
Full-year statutory accounts for 2016 with the directors' report. Provided text covers only director biographies and the company secretary; financial figures were truncated.
23 Mar 2017production update▲ Good
Saffron reached mechanical completion of the Bezzecca project on schedule and within budget. Ministry and fire brigade inspection is expected in early April, with final approval to start production expected then.
15 Mar 2017material agreement▲ Good
Saffron's Italian subsidiary extended its gas offtake contract with Shell Energy Italia to 1 October 2018, with an option to October 2019, covering all the group's Italian gas fields. This extends the earlier Shell arrangement running to 2017.
3 Mar 2017regulatory community update▲ GoodMajor
PVE was granted the 111 km2 Torre del Moro onshore oil exploration licence southeast of Bologna, with a six-year initial period. The first step is collecting existing data and buying 2D seismic. A new exploration asset, with no drilling planned yet.
27 Feb 2017admin correction● Neutral
Correction to the morning release: PVE's 65% stake in Saffron is worth A$12.5m, not the A$19.3m first stated. No other information changed.
27 Feb 2017other● Neutral
AIM admission document for Saffron Energy: placing and subscription of 50m shares at 5p, giving 153.72m shares after admission on 24 February 2017. Largely a regulatory document supporting the listing already announced.
27 Feb 2017asset acquisition disposition▲ GoodMajor
Saffron Energy listed on London's AIM after an oversubscribed £2.5m (A$4.07m) raise at 5p, closing its first day at 7.37p, a 47% premium. PVE's retained 65% stake was valued at A$19.3m.
16 Feb 2017capital raising announcement▲ GoodMajor
Saffron Energy will list on AIM around 24 February, raising up to GBP2.5m (A$4.1m) at a GBP5m pre-money value. PVE keeps about 65%, locked in for 12 months, and may later consider distributing shares to its shareholders. Proceeds fund Bezzecca, Sant'Alberto and bridging debt.
15 Feb 2017production update▲ Good
Bezzecca-1 preparations are on schedule for first gas in March 2017: sliding sleeves tested, plug removed and the 7 km pipeline pressure tested. Bezzecca is among the assets going into Saffron Energy, with PVE keeping a majority.
