Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
10 Apr 2017agm notice● Neutral
The 2017 annual general meeting will be held on 31 May at 11.30am in Sydney; the notice of meeting will follow. Administrative.
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.
31 Jan 2017quarterly activities report● Neutral
December quarter output was 1.01m m3 (4.43m m3 for 2016); cash €0.17m. The Bezzecca pipeline is complete, but first gas has slipped from January to March 2017. Sant'Alberto concession is now expected by end of Q1 2017; the AIM IPO is planned for Q1.
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.
31 Oct 2016quarterly activities report● Neutral
September quarter output was 1.06m m3 and revenue €0.23m; cash €0.31m and drawn debt A$1.55m. Bezzecca pipeline is over 60% built with first gas expected January 2017. Sant'Alberto concession and Selva drilling approval remain pending.
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.
22 Sept 2016agm notice● Neutral
Notice of an extraordinary meeting on 24 October 2016 to ratify the first placement tranche and approve directors' participation, including 13.2m shares for Masterman at A$0.02. Administrative follow-up to the 13 September raising.
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.
29 July 2016quarterly activities report● Neutral
June quarter gas output was 1.16m m3 (Sillaro only; Vitalba still suspended) and cash €0.43m. C1 gave no flow, blamed on residue from a chemical seal. Bezzecca pipeline contracting advanced with construction due in 3Q; Sant'Alberto and Selva environmental approvals were received.
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.
