Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Dec 2017drilling result▲ Good
Podere Maiar-1dir is cased, perforated and completed as a producer, on budget and schedule. Logs show 62 m gross and 41 m net gas pay in two reservoirs, C1 and C2, in line with pre-drill expectations. Flow testing is due early January 2018.
13 Dec 2017director officer appointment● Neutral
James Parsons and Fiona MacAulay joined Saffron's board from 12 December 2017, while PVE's Masterman and Bailey left it. This implements the board changes planned in the October restructure proposal.
6 Dec 2017drilling result▲ GoodMajor
Podere Maiar-1dir reached 1,330 m ahead of schedule and on budget. Logs show 53 m gross gas pay, with the reservoir top 12 m above previous producers. It will be cased and completed, with rigless flow testing planned for early January.
30 Nov 2017drilling progress report● Neutral
First casing is run and cemented at Podere Maiar-1, with drilling ahead from 500 m toward the 1,300 m target depth, expected in 6-8 days. No results yet.
21 Nov 2017drilling spud▲ GoodMajor
Podere Maiar-1 dir was spudded on 21 November 2017 at Selva, targeting 1,350 m in 20-25 days. After the United (20%) and Prospex (17%) farm-ins, PVE holds 63% of the licence. This starts the Selva well flagged earlier.
1 Nov 2017farm in farm out agreement▲ GoodMajor
Prospex Oil and Gas (AIM) will earn 17% of the Podere Gallina licence by funding 34% of the Podere Maiar-1 well. With United, partners now cover 74% of the well cost. Drilling starts this month.
31 Oct 2017quarterly activities report● Neutral
September-quarter production rose 41% to 2.481m scm, with revenue of €515,740 at €0.208/scm. Cash was €0.25m at quarter end, with Saffron placing funds received in October. Selva spud is planned mid-November; December-quarter output will be cut by Bezzecca maintenance.
31 Oct 2017director officer appointment● NeutralMajor
Chairman Michael Masterman becomes PVE CEO from 1 November 2017 on A$120,000 a year plus super, replacing Sara Edmonson, who moves to be Saffron CEO. Masterman becomes a Saffron non-executive director. The company says it aligns roles for the proposed Saffron deal.
25 Oct 2017drilling scheduled▲ Good
Podere Maiar-1 at Selva is set to spud 14 November 2017, targeting about 1,300 m in a 30-day program, with the Archimede HH rig mobilising in early November. Selva stratigraphic 2C resource is 17 bcf; PVE holds 80% pending partner earn-in.
25 Oct 2017admin correction● Neutral
Re-release of the 25 October Selva drilling announcement, adding a statement that the 17 bcf contingent resource comes from the 2016 Annual Report and is unchanged. No new substance.
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.
31 July 2017quarterly activities report● Neutral
June quarter report repeating the production update: output up 104%, revenue €376k, cash €772k. Choke was installed in July and Bezzecca is producing from levels A and S. Selva drilling still targeted for the December quarter, with United funding 40%.
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 2017quarterly activities report● Neutral
March quarter report: Sillaro produced 0.86m scm, revenue €0.19m, cash €1.16m. Bezzecca started mid-April with full rate expected in May; Selva drilling now expected in Q4 2017. Mostly repeats known events.
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.
