Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Mar 2014regulatory community update▲ Good
Lombardy Region formally approved the Bezzecca environmental assessment, a key step before the final production concession. The 7 km pipeline to the Vitalba plant is now estimated at about €3.1m, funded from operating cash flow and the Nedbank facility.
3 Feb 2014resource reserve update● Neutral
Re-release of the 30 January Gradizza-1 resource release, adding ASX Chapter 5 disclosure detail. Figures unchanged: 2C 3.6 bcf (PVE 2.7 bcf), below pre-drill estimates. No further appraisal drilling is planned on the field.
30 Jan 2014resource reserve update▼ BadMajor
Gradizza-1 booked as Contingent Resources: 2C 3.6 bcf (PVE 75%: 2.7 bcf), well below the 9.0 bcf pre-drill prospective estimate because less net pay was found. Production concession application to be filed in February.
20 Dec 2013joint venture update▲ GoodMajor
Company and farm-in partners will apply for a Gradizza production concession in Q1 2014, calling the rig-less test commercially viable. Also repaid €1.5m of Nedbank debt by year-end, leaving €3.5m outstanding.
4 Dec 2013flow test result▲ Good
Rigless testing at Gradizza-1 stabilised at about 15,000 m3/day on a 3/16" choke, up 114% on the earlier test, with no formation water. Improvement attributed to continued clean-up, easing October's concern over low rates.
10 Oct 2013well test result▼ Bad
Further rigless testing of Gradizza-1 planned for November. The company says expected daily rates are well below the targeted prospective resource estimate, which will hurt recoverable reserves. Tempers the earlier discovery news.
12 Sept 2013flow test result● Neutral
Gradizza-1 flowed at a stable 247,000 scf/day (~7,000 m3/day), with clean-up incomplete and no formation water. Rate is modest; the company will spend months reviewing data and considering rigless testing before stating resources.
29 Aug 2013drilling result▲ GoodMajor
Gradizza-1 reached 1,030 m and found a 10 m gross gas column with 9 m of net gas sand in the primary target. PVE is completing the well and testing for about a week; a first positive result for the 9 bcf prospect.
14 Aug 2013drilling spud● NeutralMajor
Drilling of the Gradizza-1 exploration well in La Prospera has begun, targeting Quaternary sands at about 1,000 m, expected to take around 10 days. PVE holds 75% after the Petrorep (15%) and AleAnna (10%) promote.
12 Aug 2013director officer appointment▼ BadMajor
CEO Giovanni Catalano steps down as CEO and director, his consultancy agreement terminated by the board. CFO Sara Edmonson becomes Acting CEO while a successor is sought. Follows a weak half-year result; the text gives no stated reason beyond board's view of company's interests.
8 Aug 2013half year report▼ BadMajor
First-half loss of €5.63m including a €5.02m non-cash write-down of Castello's Vitalba well. Revenue €3.0m (about 30% lower), EBITDA €0.91m, on lower output and spot prices. Bezzecca final award now expected late 2013; a cost review is under way.
8 Aug 2013half year report▼ Bad
Full half-year accounts: net loss €5.63m against a prior-year profit of €0.31m. Production 11.0m m3. Repeats the results release, covering the Castello water problem, Gradizza-1 preparation and the Nedbank facility.
5 July 2013production update▼ BadMajor
Sillaro restarted its main levels at about 65,000 m3/day after the separator was installed, targeting 75,000. But Castello was cut to 5,000-10,000 m3/day after water increased in May. Q2 output was 4.74m m3, down 25%, revenue about 20% lower.
1 July 2013contract award▲ GoodMajor
New gas sale contract with Shell Italia from 1 July 2013, priced off Italian gas benchmarks, with an option to extend. Follows the shift to spot-market sales via InTrading since late 2012; no volumes or price stated.
6 June 2013regulatory community update▲ GoodMajor
Tozzona exploration licence (about 90 sq km, Emilia-Romagna) fully awarded by the Ministry for an initial six-year term. Its gas targets lie beside ENI's Santerno field. Resolves the earlier Tozzona environmental review; work starts with buying ENI 2D seismic.
28 May 2013other● Neutral
Administrative notice: the securities trading policy is amended so the closed period for directors and employees is the six weeks before the first trading day after half-year and full-year results are released. No operational or financial substance.
24 May 2013investor presentation● Neutral
AGM CEO presentation recapping 2012 and 2013 so far: 0.85 bcf produced, 2P reserves 12.3 bcf, 2C resources 79.5 bcf, Nedbank €20m facility, Gradizza farm-outs. Repeats known facts; no new information in the readable text.
9 May 2013farm in farm out agreement▲ GoodMajor
Commits to drill Gradizza-1 (planned late June 2013) and signs AleAnna Resources to earn 10% of La Prospera by funding a promote on the well. With Petrorep's 15%, PVE keeps 75% and operatorship. Both deals need Ministry approval.
6 May 2013debt financing▲ GoodMajor
Completes a €20m five-year reserve based lending facility with Nedbank, replacing the Lloyds facility (€4m drawn, due November 2013). Resolves the refinancing thread; funds Bezzecca, offshore and pipeline development.
30 Apr 2013quarterly activities report▲ GoodMajor
March quarter: output 6.3m m3, revenue €1.6m. New independent report lifts 2C gas resources to 79.5 bcf and offshore AR94PY 2C to 47.3 bcf (from 24.8). Gradizza-1 spud expected by end June; Sillaro restart awaiting regulator approval. New lending facility negotiations well advanced.
22 Apr 2013annual report▲ Good
2012 Annual Report: 0.85 bcf produced, revenue €8.2m, EBITDA €4.5m. Independently assessed 2P reserves 12.3 bcf and 2C gas resources 79.5 bcf (up from 44.1), plus 10 mmbbls oil. Two further farm-outs near finalisation; Sillaro separator installed in April 2013.
18 Mar 2013annual report▲ GoodMajor
2012 result: first profit before tax, €201,570, on revenue €8.20m and EBITDA €4.51m. Net profit €2.37m includes a first-time €2.23m deferred tax asset. Debt cut to €4.0m; production down 15% to 24.7m m3. Sillaro expected back to 80,000 m3/day in April 2013.
18 Mar 2013annual report● Neutral
Directors' report and financial statements for 2012, opening with director biographies. Text is truncated; the headline results are covered in the separate results release the same day.
8 Mar 2013other● Neutral
Administrative s708A notice for the 3,850,000 second-tranche placement shares issued 7 March 2013 at A$0.12, after shareholder approval on 15 February. Completes the December placement.
11 Dec 2012other● Neutral
Administrative s708A notice for the 7,416,667 placement shares issued on 6 December 2012 at A$0.12. No new substance.
3 Dec 2012capital raising announcement● NeutralMajor
Raises A$1.35m by placing 11,266,667 shares at A$0.12 with institutions and sophisticated investors. Proceeds fund the Sillaro gas plant upgrade and working capital. Directors' shares (3.85m) need shareholder approval at a meeting in late January. Follows the AGM-flagged capital-raising options.
What it means for a shareholder
11.3m new shares at A$0.120 to raise about A$1.4m. That's 9.2% dilution: every existing holder's slice gets 9.2% smaller. If you held A$1,000 of shares (8,333 at the issue price), your slice goes from 0.0075% to 0.00681% of the company. To keep it you'd need 845 more shares - about A$101 at the issue price.
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26 Sept 2012resource reserve update▲ GoodMajor
Bezzecca gas field gets a preliminary production concession, as expected for August; final award is expected around year-end after the environmental review. Resources become reserves: 0.7 bcf proven, 4.1 bcf 2P. First production phase connects the existing well to the Castello plant by 7 km line.
3 Aug 2012half year report● Neutral
Full interim accounts for first half 2012: net profit €305,761 on revenue €4.40m and EBITDA €2.65m (up 17%). Lloyds drawings €6.0m, with the borrowing base limit confirmed at €7.15m to 31 December 2012. Repeats the 3 August results.
3 Aug 2012half year report● Neutral
First half 2012: revenue €4.40m, EBITDA €2.65m, net profit €0.3m (down 17%), operating cash flow €4.08m. Cash €2.0m, borrowings €6.0m. Field output was 52,000 m3/day at end July. Second-half production expected slightly lower than first half.
27 July 2012asset acquisition disposition▲ Good
Preliminary award of the Torre del Moro permit (111 km2), next to Terra del Sole, southeast of Bologna. An environmental impact study must be submitted before final award. Studies come first, with no well planned yet.
