Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Jan 2017business combination● NeutralMajor
PVE is advancing a London AIM listing of subsidiary Saffron Energy, holding Sillaro, Bezzecca and Sant'Alberto, to raise GBP2-2.2m at a pre-money value above GBP5m. PVE would stay majority holder. Still subject to board review and market conditions. (Release is dated '6 December 2017' in text.)
25 Nov 2016resource reserve update▼ BadMajor
Reserves revised: Sillaro 2P fell from 4.4 bcf to 2.2 bcf as Pliocene levels moved to contingent resources pending the Sillaro-1 sidetrack (late 2017/early 2018). Bezzecca net 2P rose from 3.8 to 4.0 bcf. Sant'Alberto figures were truncated.
24 Nov 2016regulatory community update▲ GoodMajor
Italy's Ministry awarded a preliminary production concession for the offshore Teodorico gas field (47 bcf 2C), resolving the open award thread. EIA submission is planned for first half 2017, and PVE expects to fund development with a farm-in partner.
31 Oct 2016capital raising announcement● Neutral
Statutory notice that 35,727,003 second-tranche placement shares were issued to directors at A$0.02 on 31 October 2016, after shareholder approval. Administrative.
24 Oct 2016joint venture update▲ Good
Shareholders approved the directors' participation in the placement, completing the A$900,000 raise. Bezzecca pipeline is over 60% complete, with tie-in from November and first gas expected January 2017. Teodorico preliminary concession is still awaited.
27 Sept 2016regulatory community update▲ GoodMajor
Environmental Impact Assessment decree awarded for Sant'Alberto, resolving the open decree thread. A regional acknowledgement and the final production concession are still needed. Management targets a second new field in production in 2017.
14 Sept 2016capital raising announcement● Neutral
Statutory notice that 9,272,997 first-tranche placement shares were issued at A$0.02 on 14 September. Administrative.
13 Sept 2016capital raising announcement▲ GoodMajor
Private placement raising A$900,000 via 45m shares at A$0.02, four times the A$0.005 rights issue price. Directors' portion (35.7m shares) needs shareholder approval. Funds go to Bezzecca development and working capital.
What it means for a shareholder
45.0m new shares at A$0.020 to raise about A$900,000. That's 8.2% dilution: every existing holder's slice gets 8.2% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00989% to 0.00908% of the company. To keep it you'd need 4,452 more shares - about A$89 at the issue price.
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13 Sept 2016contract award▲ GoodMajor
Signed a turnkey contract with TESI Srl for the 7 km Bezzecca pipeline and tie-in, now under construction. Capital cost is €2.2m, partly paid after production starts. Completion is expected by end-2016, before first gas from the 90%-owned field.
7 Sept 2016half year report▼ Bad
Half-year loss to 30 June 2016 was €2.42m (€1.29m a year earlier). Output was 2.4m m3 versus 3.7m m3, all from Sillaro. The Sillaro-1 sidetrack is now seen as the best way to lift output. Castello restarts only once Bezzecca is tied in.
27 June 2016drilling result▼ BadMajor
Sillaro C1 was perforated but testing gave no gas or water flow, a failure of the main target after several workover attempts. Level C0 kept producing about 14,000 scm/day. The team now turns to smaller levels and Bezzecca.
31 May 2016agm notice▲ GoodMajor
Board withdrew the delisting resolution (Resolution 5) from the 31 May AGM, reversing the April proposal. It says staying listed may help possible asset sales and restructuring transactions it is evaluating.
31 May 2016investor presentation● Neutral
AGM presentation restating known facts: debt down to €450k, La Prospera sale for €1.85m, Bezzecca (4.2 bcf 2P, 90%) and Selva (17 bcf 2C) as priorities, Teodorico about 50 bcf 2C. Selva drilling approval is now expected in 3Q 2016.
30 May 2016drilling progress report▼ Bad
Sillaro C1 perforation delayed after the contractor's guns failed to fire twice, following one shot on a lower C1 level. The contractor left and is expected back in early June. No new result.
11 May 2016other● Neutral
Unmarketable parcel sale completed: 2,722,200 shares from 375 holders sold at A$0.014 on 10 May, a 27% premium to the close. The company now has 399 shareholders. Administrative; resolves the earlier notices.
9 May 2016debt financing▲ GoodMajor
Debt cut to €450,000 (from €2.78m at end-2015) and refinanced with an unsecured 12-month, 10% facility from entities tied to directors Pirola and Bailey and former director Bradley. It replaces Nedbank. Sillaro C1 will be re-perforated in Sillaro-2 and also perforated in Sillaro-1.
3 May 2016drilling result▼ BadMajor
Sillaro C1 test after the April perforation was inconclusive: the perforation tunnel appears blocked and B1 is watered out. Level C0 kept producing about 10,000 scm/day. This disappoints the hope of lifting output toward 30,000 scm/day.
29 Apr 2016annual report▼ BadMajor
Annual report says the board will seek shareholder approval to delist the company from ASX at the 31 May 2016 AGM, citing cost reduction. This is a strategy change that, if approved, would end ASX trading of shareholders' shares.
29 Apr 2016annual report● Neutral
Appendix 4G for the 2015 year, pointing to the corporate governance statement on the company website. Compliance form only; no new figures or events.
29 Apr 2016annual report● Neutral
Corporate governance statement for 2015, setting out board roles and how the company follows ASX governance recommendations. Administrative; the excerpt shows no new commercial information.
28 Apr 2016other● Neutral
Second and final notice for the unmarketable parcel sale. Shares in parcels under A$500 (now 38,461 shares or fewer) are expected to be sold from 6 May 2016 unless holders opt out by 5 May. Administrative.
22 Apr 2016director officer appointment● NeutralMajor
Rights issue completed with 350.4m new shares issued on 20 April. Chairman Graham Bradley (about 12 years) and Kevin Eley retire; founder Michael Masterman becomes Chairman and substantial shareholder Kevin Bailey joins. Board falls to three, with cost cuts to follow.
18 Apr 2016capital raising announcement● NeutralMajor
Rights issue closed, raising A$1.61m from shareholders, with underwriters taking 27.6m shortfall shares. Total A$1.752m before costs at A$0.005, so the full target was reached, partly with underwriter support.
1 Apr 2016annual report▼ BadMajor
2015 loss was €6.66m, including a non-cash loss on the asset sale and impairments from lower forecast gas prices, as flagged on 18 March. Revenue was €2.50m, EBITDA a €0.80m loss, and year-end cash €2.45m (before the Nedbank repayment).
31 Mar 2016annual report● Neutral
Statutory 2015 financial report with the directors' report. It lists directors and notes Greg Short's resignation on 25 January 2016. The excerpt shows no new figures; the loss was reported the next day.
30 Mar 2016capital raising announcement● Neutral
Confirms the rights issue offer document was mailed on 30 March. Terms unchanged: 2.5 for 1 at A$0.005, closing 13 April. Administrative only.
21 Mar 2016capital raising announcement● Neutral
Cover notice sending shareholders letters on the rights issue. Up to about 350.4m new shares would lift shares on issue to about 490.5m. Underwriting covers up to about A$820,000. Shareholders who ignore the rights are diluted.
18 Mar 2016capital raising announcement● Neutral
Offer document for the rights issue: 2.5 new shares per share at A$0.005, opening 30 March and closing 13 April 2016. Underwriters are entities linked to directors Masterman and Pirola, plus Fuiloro and Supervised Investments. Repeats the terms already announced.
18 Mar 2016capital raising announcement▼ BadMajor
Launches a 2.5-for-1 renounceable rights issue at A$0.005 to raise about A$1.75m, partly underwritten by two directors and two shareholders. Funds go to the Sillaro rework, Selva approval, debt repayment and working capital. The price is far below the A$0.07 raise of June 2015.
18 Mar 2016capital raising announcement▼ BadMajor
Sets a six-step recapitalisation: a ~A$1.75m rights issue, possible sale of Sant'Alberto and Bezzecca, and Nedbank refinancing. Expects a 2015 net loss from impairments and the La Prospera sale loss. Draws €150,000 of a €300,000 bridging loan from director Pirola's entity. Sillaro is ~10,000 scm/day.
