Past year: ▲ 72%(5.40c – 9.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Dec 2025drilling result▲ GoodMajor
The 140 sq km 3D seismic survey was completed in 13 days, on budget and ahead of schedule, after the November start. Processing results are targeted for Q2 2026 to refine the four-well plan; Manuel Porcelli was also appointed General Manager of the Italian operations.
20 Dec 2022drilling progress report▲ Good
Construction progress at Podere Maiar: site civil works and 4-inch pipe laying are complete, backfilling first phase is 70% done, and equipment procurement is at about 30-35%. Project is described as funded and on track for first gas in early Q2 CY23.
26 July 2022resource reserve update▲ GoodMajor
Updated independent report keeps 2P gas reserves unchanged, but the combined 2P value of Selva and Teodorico rises to €90.1m from €36.0m in 2019 on higher gas prices. Selva net capex rises to €2.7m. Oil resources are dropped after Pitesai, which the company says is immaterial.
26 Apr 2019resource reserve update● Neutral
Cover letter releasing CGG's updated competent persons report (dated 24 April 2019) on PVE's Italian assets. The excerpt is disclaimers only; the resource numbers are in the companion releases of the same day.
26 Apr 2019resource reserve update▲ GoodMajor
Selva gains 14.1 bcf of 2C contingent resources (North Flank 8.9, South Flank 5.2) from none previously. Prospective resources rise 74% to 91.5 bcf best estimate from 52.7 bcf, helped by the new Riccardina prospect. Reserves stay at 13.3 bcf 2P.
26 Apr 2019resource reserve update▲ GoodMajor
Maiden prospective resources of 106 MMbbl (best estimate) for Torre del Moro and 54.5 MMbbl for Bagnolo SW. 2C contingent resources rise to 27.3 MMbbl at Bagnolo in Piano and 16.1 MMbbl at Ravizza, all 100% PVE. This lifts the oil inventory on the retained Cadelbosco/Grattasasso licences, which were kept after the Delta sale collapsed.
8 Feb 2019resource reserve update▲ GoodMajor
Maiden Selva reserves: 13.3 bcf gross 2P (8.38 bcf net to PVE at 63%), reclassified from the earlier 17 bcf 2C contingent resource figure after the preliminary concession award. East Selva prospective resources of 34.8 bcf (30% chance of success) are also reported; start-up capex is stated as €3m gross.
8 Feb 2019resource reserve update● Neutral
CGG's independent competent persons report on the Selva field (Podere Gallina licence), final version dated 6 February 2019. The visible text is disclaimers and conditions only; the figures are in the companion release on maiden reserves.
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.
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.
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.
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.
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.
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.
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.
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.
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.
15 May 2015drilling scheduled● NeutralMajor
Sillaro work programme set in two phases: recomplete Sillaro-2 in Q3 2015 for €1.8m (about 50,000 m3/day), then sidetrack Sillaro-1 for €4.1m (80-90,000 m3/day). Funding is planned from a farm-out, equity and Nedbank drawings; none is yet secured.
9 Jan 2015resource reserve update▼ BadMajor
Sillaro reserves cut to 2P 4.67 bcf from 5.5 bcf at end-2013, after water arrival and depletion cut output to about 25,000 m3/day. 1.45 bcf of Miocene gas moved from Fantuzza contingent resources to probable reserves. A Sillaro-1 sidetrack in late 2015 needs approval and funding.
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.
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.
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.
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.
15 June 2012farm in farm out agreement▲ GoodMajor
Petrorep Italiana can earn 15% of the Cadelbosco di Sopra licence, which covers the Zini-1, Canolo-1D and Canolo-2D wells, and 15% of La Prospera (Gradizza-1) via an option. Petrorep pays a promoted share of drilling costs plus past costs. Subject to Ministry approval. First farm-out of the strategy.
