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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
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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.
31 Oct 2018quarterly activities report▼ Bad
September quarter: Selva concession approval now expected at the November commission meeting, and a 3D seismic joint venture decision in November. Teodorico environmental approval target slips to Q1 2019. Cash at bank is only €123,000.
11 Oct 2018asset acquisition disposition● NeutralMajor
The €1.13m sale of the Cadelbosco di Sopra (85%) and Grattasasso (100%) oil licences to Delta Energy collapsed after a large Delta shareholder blocked it. PVE keeps both licences. This resolves the pending sale thread.
13 Sept 2018half year report● Neutral
Half-year to 30 June 2018 shows a €3.28m profit, driven by a €4.41m gain on spinning off Coro, against a €0.85m loss a year earlier. Operating projects are unchanged from the quarterly report.
30 July 2018quarterly activities report● Neutral
Amended June quarter cash flow report: cash at quarter end €1.013m, helped by €1.58m of convertible note proceeds. Operating outflow was €1.09m. A €1.08m director-related loan facility at 10% is fully drawn. The Sillaro tenement interest is shown as relinquished.
30 July 2018quarterly activities report● Neutral
June quarter: the Selva concession application was lodged, with ministry review expected in the September quarter. The Teodorico environmental approval target stayed at end-2018. The Coro share distribution at 1 for 5.9 was completed, leaving PVE focused on Selva, Teodorico and Torre del Moro.
26 June 2018capital raising announcement● Neutral
The A$2.5m convertible note raise announced in April is complete, after AGM approval of the directors' notes (Bailey A$700k, Masterman A$300k). Notes are 3-year, 8% and convert at 4.2c. This resolves the open approval thread.
30 May 2018investor presentation● Neutral
AGM presentation repeating known facts: Teodorico 2P 36.5 bcf, Selva 2C 17 bcf, Torre del Moro oil target, and the Coro share spin-off at about 1 for 5.9. Teodorico first gas is shown for 3Q 2020, Selva for 2Q 2020.
29 May 2018regulatory community update▲ GoodMajor
PVE lodged the Selva production concession application (80.8 km2) with the Italian ministry, following the Podere Maiar-1dir discovery. Phase one is a €2.4m plant producing up to 150,000 scm/day; preliminary award is expected at the July commission meeting.
7 May 2018security holder rights change▲ Good
Shareholders approved the in-specie distribution of the Saffron (now Coro) shares at the 7 May 2018 EGM, with 457.8m votes for and 3,000 against. This cleared the way for the planned 100m share distribution.
30 Apr 2018other● Neutral
Appendix 4G confirming the corporate governance statement is current at 30 April 2018 and approved by the board, available on the company website. Administrative filing only, with no new business information.
30 Apr 2018other● Neutral
Annual corporate governance statement as at 30 April 2018. Three-person board with no separate committees. Administrative, no new business information.
30 Apr 2018quarterly activities report▲ Good
March-quarter production rose 46% to 2.7m scm and revenue 58% to €0.6m, at €0.217/scm. Selva concession application goes to the ministry by end of June 2018. Saffron deal approved 29 March; PVE now owns 13.9% of Saffron.
30 Apr 2018annual report▲ Good
2017 annual report says the Saffron/Sound deal completed on 9 April, leaving PVE with 100m Saffron shares (14%) to distribute. Priorities are first gas at Teodorico and Selva, with Teodorico environmental approval expected in H2 2018.
26 Apr 2018capital raising announcement● NeutralMajor
PVE raises A$2.5m via 3-year convertible notes, 8% coupon, converting at 4.2c, to fund Selva concession, Teodorico final decision and Torre del Moro seismic. Directors Bailey (A$700k) and Masterman (A$300k) plan to join, subject to approval at the 30 May AGM.
18 Apr 2018other● Neutral
Supplementary prospectus updates the distribution to 100m Saffron shares, moving the meeting to 7 May 2018 with distribution completed by 17 May. The demerger tax relief ruling application is dropped as conditions would no longer be met.
17 Apr 2018director officer appointment● Neutral
Kevin Hart of Endeavour Corporate replaces Zoe Levendel as Company Secretary from 17 April 2018. Administrative change.
13 Apr 2018security holder rights change▲ GoodMajor
PVE will distribute 100m Saffron (now Coro) shares to shareholders instead of 80m, avoiding a lock-in on the other 20m under AIM rules. The EGM is to be adjourned from 23 April to early May.
10 Apr 2018agm notice● Neutral
PVE will hold its 2018 AGM on 30 May 2018 in Sydney. Administrative notice only.
29 Mar 2018annual report● Neutral
Statutory accounts for the year to 31 December 2017 were lodged. Loss per share was 0.19 euro cents versus 2.06 cents in 2016. Text shown is the directors' report and strategy; no further figures in the extract.
19 Mar 2018other● Neutral
Short form prospectus for transferring Saffron shares to PVE shareholders in an in-specie distribution, subject to a general meeting on 23 April 2018. It supports the planned distribution; the directors call the shares speculative.
28 Feb 2018material agreement termination● NeutralMajor
PVE and Saffron mutually cancelled the sale of Po Valley Operations for 200m Saffron shares. The independent expert found it 'neither fair nor reasonable', and the tax office was unlikely to give demerger relief. PVE keeps Selva (63%), Teodorico and Torre del Moro, and still backs the Sound deal.
19 Feb 2018resource reserve update● Neutral
Full independent Competent Persons Report (CGG, 164 pages) on Saffron, Apennine and Po Valley Operations assets, prepared for the Saffron readmission. It is the full document behind the 19 February reserve upgrade; no new figures in the extract.
19 Feb 2018resource reserve update▲ GoodMajor
A new independent report gives Teodorico, the offshore Adriatic gas field, maiden 2P reserves of 36.5 bcf. Bezzecca and Sillaro reserves are cut, as flagged in the quarterly. Selva resource update is due in the June quarter.
31 Jan 2018quarterly activities report● Neutral
December-quarter production fell 24% to 1.9m scm because of planned shutdowns, with 2017 output up 58% to 7.0m scm and revenue €1.46m. Selva is a commercial discovery. Bezzecca reserves are expected to be reduced in a re-estimate due in February.
23 Jan 2018business combination● NeutralMajor
PVE signed a binding agreement for Saffron to buy PVE's Italian subsidiary for 200m Saffron shares, alongside a reverse takeover of Sound's Italian unit, with a £14m raise at 4.38p. PVE would hold 33.65% of Saffron, keep a 5% Selva royalty, and plans to distribute its Saffron shares to shareholders. This firms up the October non-binding proposal; PVE's stake is lower than the 51% first proposed.
19 Jan 2018flow test result▲ GoodMajor
Podere Maiar-1dir flowed 148,136 scm/day from level C2 and 129,658 scm/day from C1, and PVE calls it a commercial discovery at Selva. A production concession application is due in H1 2018, with revised resources in the June quarter. PVE holds 63%.
12 Jan 2018flow test result● Neutral
Flow testing of Podere Maiar-1dir began 12 January 2018, with results promised the following week. No results yet.