Proactiveinvestors United Kingdom Po Valley Energy Ltd https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Po Valley Energy Ltd RSS feed en Tue, 23 Jul 2019 13:04:49 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Po Valley Energy Limited - Proactive's Oil Capital Conference June 2019 ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/13936/po-valley-energy-limited---proactive-s-oil-capital-conference-june-2019-13936.html Mon, 01 Jul 2019 07:10:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/13936/po-valley-energy-limited---proactive-s-oil-capital-conference-june-2019-13936.html <![CDATA[News - Po Valley Energy aims to bring Selva gas field into first production next year ]]> https://www.proactiveinvestors.co.uk/companies/news/219618/po-valley-energy-aims-to-bring-selva-gas-field-into-first-production-next-year-219618.html Po Valley Energy Limited (ASX:PVE) aims to bring the Selva Malvezzi gas field in Italy into first production next year with a preliminary production concession granted and environmental approval documentation submitted.

A maiden 2P gas reserve of 13.3 billion cubic feet (bcf) for the onshore project in the country's north was declared earlier in the year. 

Throughout the March quarter new contingent resources in the Selva North and South Flank of 14.1bcf (2C) were added and with the benefit of the Podere Maiar well and seismic data, the chance of success at East Selva has been increased.

A new large prospective resource for the Riccardina structure was also added taking this field’s total prospective resources to 91.5bcf.

Po Valley chief executive officer Michael Masterman said: “This has been a robust opening to calendar 2019, with significant inventory and approvals process gains across our gas and oil assets in northern Italy.

“A key milestone was the award of the preliminary production concession for Selva – this maintains our momentum to have this field into first production next year.

“The new resource estimates have provided a richer platform on which to now progress our work on these reservoirs to more commercial standing and certainty to deliver Po Valley a pipeline of emerging production assets in northern Italy over the medium term.”

READ: Po Valley Energy intends to supply gas to large Italian market

Under the first phase of the development plan Po Valley will install a fully automated gas plant at the existing Selva/Podere Maiar 1dir well site and install a 1-kilometre long pipeline to connect the well with the nearby Italian National Gas Grid.

Based on dynamic reservoir studies, the field development is designed to produce at a rate of up to 150,000 cubic metres a day from the successfully tested C1 and C2 production levels in the medium-upper Pliocene sands of the Porto Garibaldi formation.

READ: Po Valley posts milestone maiden gas reserves for Selva Malvezzi field in Italy

In the March quarter, the company’s offshore project Teodorico was granted primary environmental approval and additional requests from the Ministry for specific plans in relation to water treatment are under preparation.

Po Valley hopes to complete the environmental impact assessment (EIA) process and obtain full environmental approval in the third quarter of 2019.

The PVE team reported a maiden prospective resource of 106 million barrels recoverable from an Original Oil-in-Place (OOIP) of 312 million barrels since the end of the first quarter at the Torre del Moro oil condensate prospect.

This evaluation highlighted a large and structurally closed faulted ramp anticline feature geologically similar to the discovered Villafortuna oil field in northern Italy.

Further work is underway to de-risk this large-scale exploration project.

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Fri, 03 May 2019 10:14:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219618/po-valley-energy-aims-to-bring-selva-gas-field-into-first-production-next-year-219618.html
<![CDATA[News - Po Valley Energy to update on debt refinancing ]]> https://www.proactiveinvestors.co.uk/companies/news/161112/-po-valley-energy-to-update-on-debt-refinancing--66569.html Italian gas producer Po Valley Energy (ASX:PVE) will provide detail on progress of negotiations with primary lender, Nedbank Limited to convert its current reserve-based loan to a fixed loan facility with monthly repayment instalments.

The company has requested a trading halt until 18 January 2015.

Po Valley generated €1.6 million in revenues from operations for the nine months to 30 September 2015.

Production at Sillaro had improved since the reduction in gas produced the June 2015 half year and was running at approximately 35,000 sm2 per day.

Po Valley was operating at a small positive cashflow on a monthly basis. At 30 June 2015 the Company had cash at bank of €815,000.

The company said it expected to report improved results in upcoming months in light of the increase in production from the Sillaro field, the development of the Bezzecca well and refinancing of debt.


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Thu, 14 Jan 2016 11:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/161112/-po-valley-energy-to-update-on-debt-refinancing--66569.html
<![CDATA[News - Po Valley Energy targets higher Italian gas production ]]> https://www.proactiveinvestors.co.uk/companies/news/60402/po-valley-energy-targets-higher-italian-gas-production-70806.html Po Valley Energy (ASX:PVE) is targeting additional gas production from its Bezzecca gas field with the drilling program for the Bezzecca-2 well now in the final stages of completion.

Bezzecca-2 has the potential to double production from field, where the Bezzecca-1 is expected to produce gas at an initial rate of 20,000 cubic metres (706,293 cubic feet) per day.

The company is on track to commence on-site works for Bezzecca-1 in the autumn after securing production concession status earlier this month.

Tenders were received, assessed and finalised for engineering, procurement, pipeline installation and surface facility construction.

The company is also close to completing the environmental impact statement for the Sant’Alberto gas field, which has Best Estimate (2C) Contingent Resources of 2.1 billion cubic feet of gas.

Having already received the preliminarily production concession, the EIS represents the last regulatory step before the full grant of the production concession.

Po Valley plans to construct a small modular plant at Sant'Alberto field and tie-in to the national grid via a simple connection about 200 meters away.

It has also finalised the pre-Front End Engineering and Design study for the Teodorico project.

Reprocessing of 3D seismic acquired in 2013 was also completed and the company will commence an in-house 3D geophysical reinterpretation in August.

Further 3D seismic will be purchased in due course to start the evaluation of promising exploration targets adjacent to Teodorico within the same AR94PY license.

The company has also submitted the updated EIS for the Selva (Podere Maiar-1) drilling application to the Emilia-Romagna Region for approval.

It has received 70 square kilometres of 2D seismic for the Selva Stratigraphic prospect within the Podere Gallina license from Eni and reprocessing will commence shortly.

Cash as at the end of 30 June 2014 amounted to €1.04 million (A$1.5 million).

The company generated revenues of €1.35 million on total gas production of 4.98 million standard cubic metres for the June 2014 quarter.

 

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Tue, 29 Jul 2014 13:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/60402/po-valley-energy-targets-higher-italian-gas-production-70806.html
<![CDATA[News - Po Valley Energy to boost gas production from Italian field ]]> https://www.proactiveinvestors.co.uk/companies/news/59980/po-valley-energy-to-boost-gas-production-from-italian-field-70368.html Po Valley Energy (ASX:PVE) will soon increase its gas production after it was awarded production concession status for its Bezzecca gas field in the Lombardy Region, Italy.

This is the final approval required to bring the field into production through a 7 kilometre pipeline to the company’s existing Vitalba gas plant.

Bezzecca will provide a substantial increase to its gas production given that its Castello and Sillaro fields produced a total of 5.66 million standard cubic metres (199.9 million standard cubic feet) of gas in the March 2014 quarter.

The field was discovered in 2009 with the Bezzecca-1 well flowing gas at a combined rate of 3.9 million standard cubic feet per day during testing.

“Over the course of the past year, the company’s leadership team has worked diligently to progress this project from a regulatory and technical standpoint and as we are at an advanced stage of planning the award puts the company in a position to move forward concretely,” acting chief executive officer Sara Edmonson said.

Bezzecca Gas Field

The Bezzecca gas field – located 35 kilometres east of Milan – was discovered in 2009 with production sourced from the Pliocene and Miocene formations which are located at a depth of 2,000 metres.

It has Proved Reserves of 3 billion cubic feet of gas as well as Proved and Probable Reserves of 4.2Bcf.

With the award of production concession status for Bezzecca gas field through enlargement of the existing Cascina Castello Production Concession, Po Valley can now proceed with construction of the 7 kilometre pipeline to its Vitalba gas plant.

It had already started in April the bid process for the Engineering, Procurement, Installation and Construction contract for the pipeline, which has been estimated to cost €3.1 million (A$4.49 million).

Analysis

Increased gas production is on the cards for Po Valley Energy following the award of production concession status to its Bezzecca gas field.

This will add a third producing field to its existing Castello and Sillaro fields, which currently produce 2.3 million standard cubic feet of gas per day, given that the Bezzecca-1 well produced 3.9 million standard cubic feet per day on initial testing.

It had $1.25 million in cash as of 31 March 2014.

 

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Mon, 14 Jul 2014 02:08:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/59980/po-valley-energy-to-boost-gas-production-from-italian-field-70368.html
<![CDATA[News - Po Valley Energy director Michael Masterman buys shares on market ]]> https://www.proactiveinvestors.co.uk/companies/news/59748/po-valley-energy-director-michael-masterman-buys-shares-on-market-70126.html Po Valley Energy (ASX:PVE) non-executive director Michael Masterman has bought 157,000 shares of the company on the market.

He acquired 42,000 shares at $0.08, for a total of $3,360, on 30 June and a further 115,000 shares at $0.10, for a total of $11,500, on 1 July.

This brings Masterman’s total holding up to 33,334,327 shares.

Po Valley was recently awarded a preliminary production concession for the Sant’Alberto gas field in northern Italy.

Sant’Alberto has Best Estimate (2C) Contingent Resources of 2.1 billion cubic feet of gas and could be the company’s fourth producing gas field.

The company is currently in the final approvals stage with two formal signoffs remaining for its Bezzecca gas field.

Upon grant of the Production Concession, expected in the third quarter of 2014, pipeline installation from Bezzecca to the Vitalba plant will commence.



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Fri, 04 Jul 2014 01:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/59748/po-valley-energy-director-michael-masterman-buys-shares-on-market-70126.html
<![CDATA[News - Po Valley Energy gains regulatory nod for Sant’Alberto gas field ]]> https://www.proactiveinvestors.co.uk/companies/news/59153/po-valley-energy-gains-regulatory-nod-for-santalberto-gas-field--69496.html Po Valley Energy (ASX:PVE) is on track towards adding a fourth producing gas field to its portfolio with the award of a preliminary production concession for the Sant’Alberto gas field in northern Italy.

Sant’Alberto has Best Estimate (2C) Contingent Resources of 2.1 billion cubic feet of gas.
    
The company will now submit the Environmental Impact Assessment to the Emilia Romagna Region, the last step towards the full grant of the production concession.

“The long awaited preliminary award of the Production Concession marks the achievement of an important regulatory hurdle in the process toward our fourth producing gas field,” acting chief executive officer Sara Edmonson said.

“Planned development for the Sant’Alberto field envisions a small modular plant and a simple connection to the national grid which is some 200 meters away.”

Sant’Alberto

Sant’Alberto is located in the north of Bologna and Edison, the previous partner and operator, submitted the production concession application in July 2006.

Po Valley reached an agreement to acquire the licence from Edison in March 2008.

It contains the Santa Maddalena-1 well, which had produced gas at a rate of 1.8 million cubic feet of gas per day during testing. The field has 2C Contingent Resources of 2.1Bcf of gas.

The company had previously noted that it would evaluate the feasibility of a second well in the eastern portion of Block-5, based on the production behaviour of the Santa Maddalena1dir well, as well as new seismic reinterpretation of the area.

Funding for Sant’Alberto and the Bezzecca production well comes from the company’s €20 million Reserve Based Lending facility with the Nedbank Group.

Italian Gas Fields

Po Valley received the Environmental Impact Assessment approval for the Bezzecca gas field in early 2014 from the Lombardy Region and is currently in the final approvals stage with two formal signoffs remaining.

Upon formal granting of the Production Concessions by the Italian Ministry of Economic Development, subsequent approval by the Ministry office in Bologna of the formal Development Plan is required. 

It is expected that the award of the concession will follow in the third quarter of 2014 with pipeline installation commencing shortly thereafter.    

In early 2014, the company finalised the engineering and design of the pipeline and related surface facilities. It has commenced the bid process for the construction and installation of the pipeline to connect the field with the Vitalba plant.

Analysis

The award of the preliminary concession for the Sant’Alberto gas field sets the stage for Po Valley Energy to add a fourth gas production field in Italy.

With the final approval underway for Bezzecca, the company is well on its way towards substantially increasing its gas production.

The company had produced 5.66 million standard cubic metres of gas in the March 2014 quarter, generating revenue of $1.85 million.

It had $1.25 million in cash as of 31 March 2014.

 

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Mon, 16 Jun 2014 00:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/59153/po-valley-energy-gains-regulatory-nod-for-santalberto-gas-field--69496.html
<![CDATA[News - Po Valley Energy starts bid process for Bezzecca gas pipeline in Italy ]]> https://www.proactiveinvestors.co.uk/companies/news/57285/po-valley-energy-starts-bid-process-for-bezzecca-gas-pipeline-in-italy-67513.html Po Valley Energy (ASX: PVE) is progressing development of its Bezzecca gas field in Italy with the bid process for the Engineering, Procurement, Installation and Construction contract for the pipeline and related surface facilities now underway.

This follows completion of the Environmental Impact Assessment and issue of the related Decree by the Lombardy Region and bidders have until the end of May to submit their proposals.

The company has also purchased 10 kilometres of 2D seismic from Italian major Eni that will be reprocessed shortly to define the bottom hole location for the Bezzecca-2 well.

Bezzecca was discovered in 2009 with the Bezzecca-1 well flowing gas at a combined rate of 3.9 million cubic feet per day during testing.

It will be brought into production through the construction of a 7 kilometre pipeline to connect the field with the company’s existing Castello surface gas plant.

Production will be sourced from the Pliocene and Miocene formations which are located at a depth of 2,000 metres.

The field has Proved and Probable Reserves of 4.2 billion cubic feet of gas.

Po Valley has also made progress on the Selva, Teodorico and Gradizza.

Cash at bank at 31 March 2014 was €1.02 million (A$1.5 million).

Operations Update

Approximately 55 kilometres of 2D seismic related to the Selva Stratigraphic prospect within the Podere Gallina license was purchased from Eni and will be reprocessed as soon as possible. 

This prospect previously formed part of the Eni – operated Selva field that produced 85 billion cubic feet of gas from 15 wells over a 35 year period. 

The company filed a drilling application including an Environmental Impact Study for the Podere Maiar-1 exploration well in the second quarter of 2013. 

Following minor variation requests by the Emilia Romagna Region, a revised EIS was filed in April 2014.

Po Valley has also held further meetings with Eni to discuss and fine tune the tie-in logistics for the offshore Teodorico gas discovery in the AR94PY area to the Naomi Pandora facilities located 12 kilometres to the southeast.

The reprocessing of the 3D seismic acquired in 2013 continues and is near completion. Further 3D seismic will be purchased in due course to start the evaluation of promising exploration targets within the same AR94PY license.

It also filed the production concession application for the Gradizza gas field with the Ministry of Economic Development in February.

The company had confirmed the commercial viability of the field in January and estimated it to host best estimate Contingent Resources of about 2.7 billion cubic feet of gas.

Technical work continued on the two oil prospects Bagnolo in Piano and Ravizza (located in the Cadelbosco di Sopra and Grattasasso license respectively). 

Well data purchased from Eni was received and a preliminary development study was completed. The results confirm the technical viability and commercial attractiveness of the projects.

Gas Production

Po Valley produced about 5.66 million standard cubic metres in the first quarter of 2014, generating about €1.55 million (A$2.3 million) in revenue.

Flow rates at the Sillaro gas field was a stable 60,000scm per day though this was down 18% from the rate achieved in the second half of 2013. Current production rate is 57,000scm/d.
    
The field is currently at 40% depletion level with increasing water cuts in some reservoirs.

PO Valley noted that with careful production management it is anticipated that the field will continue to produce steadily in forthcoming years though it will be subject to natural decline.

The Vitalba field continues to produce at limited rates due to the increase in water production. 

Although water production has stabilised over the past few months, the production rate is not expected to improve.

However, the Castello plant will be used to treat gas fed from the Bezzecca field.

Analysis

With the bid process for the Engineering, Procurement, Installation and Construction contract for the pipeline and related surface facilities for the Bezzecca field now underway, Po Valley Energy is close to bringing its third gas field into production.

This is expected to provide a substantial boost to production given that Bezzecca-1 had produced 3.9 million standard cubic feet of gas per day during testing compared with production of about 2.2MMscfd in the first quarter of this year.

Progress has also been made towards bringing the Gradizza-1 gas discovery into production along with the offshore Selva Stratigraphic prospect.

Bringing Bezzecca and other fields into production should provide upside to the current valuation of circa $13.5 million.

 

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Wed, 09 Apr 2014 23:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/57285/po-valley-energy-starts-bid-process-for-bezzecca-gas-pipeline-in-italy-67513.html
<![CDATA[News - Po Valley Energy gains environmental approval for Bezzecca gas field ]]> https://www.proactiveinvestors.co.uk/companies/news/56172/po-valley-energy-gains-environmental-approval-for-bezzecca-gas-field-66323.html Po Valley Energy (ASX: PVE) has taken a key step towards the award of a final production concession for its Bezzecca gas discovery in the Lombardy Region, Italy, after receiving formal approval of the Environmental Impact Assessment.

Bezzecca will be brought into production through the installation of a 7 kilometre pipeline to the company’s existing Castello gas plant.

Pipeline installation will commence immediately upon the award of the production concession with design and planning currently well advanced. 

The pipeline is now estimated to cost in the order of €3.1 million (A$4.64 million) and will be funded through a combination of operating cash flow and the recently completed reservoir financing facility with Nedbank.

Bezzecca

Bezzecca was discovered in 2009 with the Bezzecca-1 well flowing gas at a combined rate of 3.9 million cubic feet per day during testing.

Production will be sourced from the Pliocene and Miocene formations which are located at a depth of 2,000 metres.

The field has Proved and Probable Reserves of 4.2 billion cubic feet of gas.

Field activity on grant of the final production licence will primarily consist of construction of the 7 kilometre pipeline to connect Bezzecca with the Castello surface gas plant from which it will be produced through.

Bezzecca will be the company’s third producing gas field.

Analysis

With formal approval of the Environmental Impact Assessment for its Bezzecca gas discovery, Po Valley Energy has secured a critical milestone towards the award of a final production concession.

The addition of a third producing field will significantly increase the company’s production given that its average daily production in 2013 was about 2.3 million standard cubic feet of gas while Bezzecca-1 had produced 3.9MMscf per day during testing.

There is a pipeline of other catalysts to look out for in the coming months. 

These include further progress on the production concession application for the Graddiza-1 gas discovery as well as review and interpretation of new 3D seismic data acquired from Eni over the Vitalba West Prospect in the Cascina Castello production concession to finalise a well location and drilling program.

While a potentially smaller prospect, this is located only a short distance from the existing Vitalba gas production facility and within the current production concession licence area, offering potential to be tied in quickly in the event of a success.

With a market capitalisation of $14.69 million and a share price of $0.12, Po Valley is leveraged to further production and development news flow.

 

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Mon, 03 Mar 2014 22:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/56172/po-valley-energy-gains-environmental-approval-for-bezzecca-gas-field-66323.html
<![CDATA[News - Po Valley Energy progresses development of Italian gas discovery ]]> https://www.proactiveinvestors.co.uk/companies/news/55273/po-valley-energy-progresses-development-of-italian-gas-discovery-65372.html Po Valley Energy (ASX: PVE) continues to progress its Italian gas developments including completion of the Pre-Front End Engineering and Design study for the Teodorico offshore gas discovery.

Teodorico is located within the AR94PY permit and was discovered previously by Italy's Eni. It has Best Estimate Contingent Resources of 47.3 billion cubic feet of gas.

The study was completed by RINA and is now under internal review.

Po Valley has also started discussions with ENI in relation to tie-in arrangements to Eni’s Naomi
Pandora facilities located 12 kilometres southeast of Teodorico.

German seismic processing company TEEC is continuing to reprocess the full 3D dataset.

The company has also completed design, engineering and tender documentation for the Bezzecca pipeline and related surface facilities.

These are now under review by the technical team and the company plans to initiate the tender process for an engineering and construction contract by the end of the first quarter of 2014.

From a technical standpoint, the Environmental Impact Assessment (EIA) is complete, however the Lombardy Region is in the process of assimilating the last pieces of required formal documentation to officially close the review.

The company expects to receive the EIA grant in the next few weeks.

Bezzecca was discovered in 2009 with the Bezzecca-1 well flowing gas at a combined rate of 3.9 million cubic feet per day during testing.

Po Valley also expects to receive the Preliminary Production Concession for the Sant’ Alberto project after the recent Hydrocarbon Commission meeting held in December at the Ministry of Economic Development did not raise any issues or areas of concern.

The pre-feasibility study for the EIA has been finalised and is ready to be filed with the Emilia Romagna Region once the preliminary production concession has been granted.

Sant’Alberto contains the Santa Maddalena-1 well.

The company has also visited Eni to select new seismic lines for purchase with the aim of progressing several projects, including Podere Maiar (Selva stratigraphic in the Podere Gallina licence area), one of its top strategic priorities in 2014.

Following the encouraging Production and Optimisation study finalised in October, work also continued to progress on the two oil prospects Bagnolo and Ravizza.

In November, the contract with Eni to purchase the well cores for Ravizza-1 and Bagnolo-3 was received and the company is now waiting for the data to be delivered.

A preliminary development concept has been drafted and reviewed by Po Valley’s technical team.

Production

Production from the Sillaro and Vitalba fields for 2013 was 23.98 million standard cubic metres (850 million standard cubic feet) of gas.

Total combined production in the second half of 2013 increased by roughly 20% compared to the first half.

During the December 2013 quarter, Sillaro produced at an average rate of 69,000scm/day.

Total production of the field for the quarter was 6.32 million standard cubic metres and total production for the year ended December 31 2013 was 20.90 million standard cubic metres.

Vitalba continued to produce at limited rates due to the increase in water production. Although water production has stabilised over the past few months, the production rate is not expected to improve.

The plant will be used to treat gas fed from the Bezzecca field which will be connected via a slender 7 kilometre pipeline roughly 2 inches in diameter.

Revenue during the December 2013 quarter was €1.8 million (A$2.7 million) while cash at bank is €1.5 million.

The company also paid down €1.5 million under the reservoir financing facility with Nedbank.

As a result, as at 31 December 2013, the current amount outstanding is €3.5 million.

This gives the company substantial headroom under its financing facility to support future investment in production facilities in the year ahead.

 

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Fri, 31 Jan 2014 04:22:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/55273/po-valley-energy-progresses-development-of-italian-gas-discovery-65372.html
<![CDATA[News - Po Valley Energy's Gradizza-1 gas well is commercially viable ]]> https://www.proactiveinvestors.co.uk/companies/news/55235/po-valley-energys-gradizza-1-gas-well-is-commercially-viable-65317.html Po Valley Energy (ASX: PVE) has confirmed the commercial viability of its Gradizza-1 well in northern Italy and has reclassified the Prospective Resources into Contingent Resources.

This is a significant plus for Po Valley with further share price catalysts ahead.

Gradizza-1 is estimated to host best estimate Contingent Resources of about 2.7 billion cubic feet of gas.

The confirmation of commercial viability is based on results from rigless production testing carried out in November 2013 and the reservoir static model.

The company and its partners had in December agreed to apply for a production concession which will be filed with the Ministry of Economic Development in February.

Gradizza

The greenfields Gradizza-1 well is located on the top of the crest and intersected 10 metres of net gas sand with no Gas Water Contact detected.

The structure is located in the Ferrara province north of Bologna and was identified from an interpretation of 68 kilometres of 2D seismic purchased from Eni.

Drilling risks were managed through farm-outs to AleAnna Resources and Petrorep Italiana, who paid a disproportional share of costs for drilling the well to earn their 10% and 15% interests respectively. Po Valley retains a 75% stake in La Prospera.

Gradizza-1 was originally estimated to have a 27% chance of success.

Analysis

With the declaration of commercial viability for the Gradizza-1 well, Po Valley Energy has fully validated its credentials as a targeted explorer and producer.

The upcoming application for a production concession will pave the way for the company and its partners to develop the well. Given that Italy imports about 90% of its gas, there is also every reason to believe the company will little difficulty finding buyers for Gradizza gas.

Other potential share price catalysts include the review and interpretation of new 3D seismic data acquired from Eni over the Vitalba West Prospect in the Cascina Castello production concession to finalise a well location and drilling program.

While a potentially smaller prospect, this is located only a short distance from the existing Vitalba gas production facility and within the current production concession licence area, offering potential to be tied in quickly in the event of a success.

Another key catalyst will be the development of the Bezecca-1 well, which will be tied into the Vitalba facility.

With a market capitalisation of $14.69 million and a share price of $0.12, Po Valley is leverage to further exploration and development news.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 30 Jan 2014 00:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/55235/po-valley-energys-gradizza-1-gas-well-is-commercially-viable-65317.html
<![CDATA[News - Po Valley Energy applying for production concession over Gradizza-1 ]]> https://www.proactiveinvestors.co.uk/companies/news/54327/po-valley-energy-applying-for-production-concession-over-gradizza-1-64358.html Po Valley Energy (ASX: PVE) is proceeding to apply for a Production Concession after rigless testing of its Gradizza-1 well in northern Italy resulted in commercially viable gas flows of 15,000 standard cubic metres (529,700 standard cubic feet) per day.

The Production Concession Application is expected to be filed in the first quarter of 2014.

It added production test results are still being analysed the Contingent Resources at Gradizza for inclusion in its next quarterly report to be released in late January 2014.

Separately, the company has paid down €1 million (A$1.54 million) under its reservoir financing facility with Nedbank. 

A further repayment of €500,000 is scheduled for 31 December which will bring the total repayments by the end of the calendar year to €1.5 million and the amount outstanding under this facility as at 31 December 2013 will be €3.5 million. 

This gives Po Valley substantial headroom under its financing facility to support future investment in production facilities in the year ahead.

Gradizza

The greenfields Gradizza-1well had intersected a 10 metre gross gas column with 9 metres of net gas sand in the primary target area.

The structure is located in the Ferrara province north of Bologna and had pre-drill Prospective Best Estimate (2C) Resources of 9 billion cubic feet of gas. It was identified from an interpretation of 68 kilometres of 2D seismic purchased from Eni.

Drilling risks were managed through farm-outs to AleAnna Resources and Petrorep Italiana, who paid a disproportional share of costs for drilling the well to earn their 10% and 15% interests respectively. Po Valley retains a 75% stake in La Prospera.

Analysis

Confirmation that the gas flows from the Gradizza-1 well are commercial is further validation of the company’s credentials as a targeted explorer.

Developing Gradizza will add further to the company’s production and resources.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 20 Dec 2013 04:32:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/54327/po-valley-energy-applying-for-production-concession-over-gradizza-1-64358.html
<![CDATA[News - Po Valley Energy doubles gas flow from Gradizza-1 well ]]> https://www.proactiveinvestors.co.uk/companies/news/53835/po-valley-energy-doubles-gas-flow-from-gradizza-1-well-63849.html Po Valley Energy (ASX: PVE) has more than doubled flow rates from rigless testing of its Gradizza-1 gas discovery in the La Prospera licence, northern Italy, to 15,000 standard cubic metres (529,700 standard cubic feet) per day.

This compares with initial flow rates of 7,000 standard cubic metres per day from testing carried out post completion.

The increase reflects a continued clean-up of the well and reduction through gas flow, of the formation damage around the perforations and gravel pack.

Well pressure following build up and shut in recovered quickly and no formation water was associated with gas production.

Results are expected to be analysed to evaluate the resources and commercial potential of the well.

Gradizza

The greenfields Gradizza-1well had intersected a 10 metre gross gas column with 9 metres of net gas sand in the primary target area.

The structure is located in the Ferrara province north of Bologna and had pre-drill Prospective Best Estimate (2C) Resources of 9 billion cubic feet of gas. It was identified from an interpretation of 68 kilometres of 2D seismic purchased from Eni.

Drilling risks were managed through farm-outs to AleAnna Resources and Petrorep Italiana, who paid a disproportional share of costs for drilling the well to earn their 10% and 15% interests respectively. Po Valley retains a 75% stake in La Prospera.

Analysis

That Po Valley Energy has more than doubled gas production from a greenfields exploration well that was originally judged to have a 27% chance of success is a validation of the company’s credentials as a targeted explorer.

Should the updated results prove commercial, the company should have little difficulty finding buyers for Gradizza gas, given that Italy imports 90% of its gas.

There is further upside to come as the company reviews and interprets new 3D seismic data acquired from Eni over the Vitalba West Prospect in the Cascina Castello production concession to finalise a well location and drilling program.

While a potentially smaller prospect, this is located only a short distance from the existing Vitalba gas production facility and within the current production concession licence area, offering potential to be tied in quickly in the event of a success.

Another key catalyst will be the development of the Bezecca-1 well, which will be tied into the Vitalba facility.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 03 Dec 2013 22:48:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/53835/po-valley-energy-doubles-gas-flow-from-gradizza-1-well-63849.html
<![CDATA[News - Po Valley Energy director Michael Masterman tops up shareholding ]]> https://www.proactiveinvestors.co.uk/companies/news/53204/po-valley-energy-director-michael-masterman-tops-up-shareholding-63159.html Po Valley Energy’s (ASX: PVE) largest shareholder and non-executive director Michael Masterman has further demonstrated his confidence in the company with the acquisition of a further 322,025 shares on the market.

In addition, his stake in the company has increased to 27.09% from 26.08% on 17 August 2012.

Masterman had this month bought the following amounts of shares on the market:

- 7 November 2013: 191,483 shares for a total of $22,977.96, or $0.12 each;
- 8 November 2013: 8,517 shares for a total of $1,022.04, or $0.12 each; and
- 11 November 2013: 122,025 shares for $ 17,083.50, or $0.14 each.

These add to the 3,863,281 shares he had acquired since 17 August 2012 to increase his total shareholding to 33,167,327 shares.

The company increased gas production to 224 million standard cubic feet (MMscf) in the September quarter, up 35% from the previous quarter, generating revenue of €1.8 million, up 38.5%.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 13 Nov 2013 04:56:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/53204/po-valley-energy-director-michael-masterman-tops-up-shareholding-63159.html
<![CDATA[News - Po Valley Energy gas production up 35%, revenue up 38.5% to A$2.6M ]]> https://www.proactiveinvestors.co.uk/companies/news/52784/po-valley-energy-gas-production-up-35-revenue-up-385-to-a26m-62692.html Po Valley Energy (ASX: PVE) has increased gas production to 224 million standard cubic feet (MMscf) in the September quarter, up 35% from the previous quarter and has progressed its key Italian projects.

Revenue for the quarter was up 38.5% to €1.8 million (A$2.6 million) while cash at bank is €2.7 million as of 30 September 2013.

The production increase was due to the condensate separator equipment now installed and operational at the Sillaro gas field, which produced 208MMscf in the quarter.

It also expects the Castello field to continue producing at the current quarterly rate of 16MMscf for the foreseeable future.

Operations Update

Po Valley plans to start rigless testing of the Gradizza greenfield gas discovery in early November.

This will complete well clean-up and better evaluate the commercial potential of the well, which had produced at a stabilised rate of 247,000 cubic feet of gas during the initial production test.

The company is also reprocessing seismic and other data over the Teodorico offshore gas project to refine the structural interpretation for the discovery, providing the basis for gas volume confirmation and development well location selection.

Engineering work from the pre-Front End Engineering and Design study is currently being reviewed while the preliminary development plan and geological work already completed will be presented to the Ministry in order to pursue a fast track process towards a production concession.

Teodorico is located within the AR94PY permit and contains discoveries made previously by Italy's Eni.

At Bezecca, the company has made progress on the Environmental Impact Assessment procedure with the Lombardy Region Commission’s late meeting at the end of September finding no major issues.

The production concession is expected to be awarded in the first quarter of 2014.

In parallel, the company started the feasibility study for the construction of the 7 kilometre pipeline to connect Bezzecca with the exisiting Vitalba production plant. It also plans to call for tenders for the final engineering and construction contract before year end.

Bezzecca was discovered in 2009 with the Bezzecca-1 well flowing gas at a combined rate of 3.9 million cubic feet per day during testing.

Po Valley has also received confirmation that its Sant’Alberto project will be reviewed at the next Hydrocarbon Committee (CIRM) held by the Ministry.

It has started the Pre-Feasibility Study, which is an integral part of the Environment Impact Assessment that is itself the final step in the regional regulatory process before receiving the Preliminary Production Concession award.

An advanced blueprint of a small, low cost modular plant intended for Sant’Alberto has been finalised and the design specifications will be incorporated in the pre-feasibility study.

Sant’Alberto contains the Santa Maddalena-1 well.

Other Developments

The company has formally submitted a purchase request to ENI for the available well data and requested test reports for Bagnolo 3 and Ravizza 1 within the Cadelbosco & Grattasasso oil licences

Preliminary results of a Production, Optimisation and Economic study by an external consultant that is being reviewed by the company’s technical team are encouraging.

Po Valley has selected the location for the Podere Maiar-1d at the Podere Gallina licence.

The drilling application was lodged with UNMIG at the end of June and in August the Company finalised and lodged the EIA with the Emilia Romagna Region.   

The company is also reviewing and interpreting newly acquired 3D seismic survey data from Eni over the Vitalba West Prospect in the Cascina Castello production concession to finalise a well location and drilling program.

While a potentially smaller prospect in the company’s broader exploration portfolio, this target is located only a short distance from the existing Vitalba gas production facility and within the current production concession licence area.

Analysis

With production up 35% and revenue rising in step for the quarter, Po Valley is well positioned to enjoy a substantial boost in earnings for the second half of this year.

Progress has also being made on its development plans with Bezecca-1 poised to increase production once the production concession is granted and the pipeline to tie it to existing facilities is constructed.

Po Valley has a strong exploration and development pipeline, any of which is a catalyst to re-rate its shares.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 30 Oct 2013 05:04:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/52784/po-valley-energy-gas-production-up-35-revenue-up-385-to-a26m-62692.html
<![CDATA[News - Po Valley Energy to continue testing of Gradizza-1 gas discovery ]]> https://www.proactiveinvestors.co.uk/companies/news/52180/po-valley-energy-to-continue-testing-of-gradizza-1-gas-discovery-61998.html Po Valley Energy (ASX: PVE) is proceeding with rigless testing of its Gradizza-1 gas discovery in northern Italy to better evaluate its commercial potential.

The well had flowed gas at a rate of 247,000 standard cubic feet of gas during production testing, highlighting the company's ability to discover new gas resources.

Gradizza-1 was a greenfields exploration well that had a 27% chance of success.

The company will complete well cleanup and perform additional production tests in November.

Following interpretation and incorporation of the new results in the reservoir model for the field, both the commercial potential and Contingent Resources of the Gradizza discovery will be reported to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 10 Oct 2013 05:32:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/52180/po-valley-energy-to-continue-testing-of-gradizza-1-gas-discovery-61998.html
<![CDATA[News - Po Valley Energy flows gas from Gradizza-1 in Italy ]]> https://www.proactiveinvestors.co.uk/companies/news/51287/po-valley-energy-flows-gas-from-gradizza-1-in-italy-60987.html Po Valley Energy (ASX: PVE) shares could see further uplift today after its greenfields Gradizza-1 gas discovery in the La Prospera licence, northern Italy, flowed 247,000 standard cubic feet of gas per day during production testing.
   
Importantly, flow rates are expected to improve once clean-up operations are completed.

The company also noted that well pressure recovered quickly throughout the testing period, indicating potential that the target Quaternary gas bearing level has access to significant volumes of gas. No formation water was produced.

It will take the next few months to review the data and consider rigless testing to better evaluate the real reservoir capability.

Following incorporation of the production test results in the reservoir model for the field, both the commercial potential and Contingent Resources of the Gradizza discovery will be determined and reported.

Gradizza

Gradizza-1 intersected a 10 metre gross gas column with 9 metres of net gas sand in the primary target area.

The structure is located in the Ferrara province north of Bologna and had pre-drill Prospective Best Estimate (2C) Resources of 9 billion cubic feet of gas. It was identified from an interpretation of 68 kilometres of 2D seismic purchased from Eni.

Drilling was de-risked through farm-outs to AleAnna Resources and Petrorep Italiana, who are paying a disproportional share of costs for drilling the well to earn their 10% and 15% interests respectively. Po Valley retains a 75% stake in La Prospera.

Analysis

The flow of gas from a greenfields exploration well that had been judged to have a 27% chance of success is a positive for Po Valley.

With Italy dependent on imports for 90% of its gas needs, the company will have little difficulty finding buyers for gas from Gradizza-1 if it its proven commercial.

The gas discovery could drive growth in Po Valley’s share price today.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 12 Sep 2013 06:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/51287/po-valley-energy-flows-gas-from-gradizza-1-in-italy-60987.html
<![CDATA[News - Po Valley Energy finds gas at Gradizza-1 exploration well ]]> https://www.proactiveinvestors.co.uk/companies/news/50847/po-valley-energy-finds-gas-at-gradizza-1-exploration-well-60494.html Po Valley Energy (ASX: PVE) shares could rise today after logging operations at its Gradizza-1 gas exploration well in the La Prospera licence north of Bologna, Italy, returned positive results.

Given the strong demand for gas in Italy, the greenfields discovery will find a ready market if proven commercial.

Gradizza-1 intersected a 10 metre gross gas column with 9 metres of net gas sand in the primary target area of the quaternary sand level.

The company has elected to run casing, complete the well and start the production test. Upon evaluation of the test results, production rates will be finalised.

It will report results of the testing once completed, which is expected to take about one week.

Gradizza

The Gradizza structure is located in the Ferrara province north of Bologna and consists in a sandstone Quaternary target at a total measured depth of 1,000 metres.

It is estimated to host Prospective Best Estimate (2C) Resources of 9 billion cubic feet of gas.

Drilling was de-risked through farm-outs to AleAnna Resources and Petrorep Italiana, who are paying a disproportional share of costs for drilling the well to earn their 10% and 15% interests respectively. Po Valley retains a 75% stake in La Prospera.

Analysis

With Italy dependent on imports for 90% of its gas needs, confirmation that the Gradizza-1 discovery is commercial would find a ready market.

The gas discovery could drive growth in Po Valley’s share price today.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 29 Aug 2013 01:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/50847/po-valley-energy-finds-gas-at-gradizza-1-exploration-well-60494.html
<![CDATA[News - Po Valley Energy spuds Gradizza-1 gas exploration well in northern Italy ]]> https://www.proactiveinvestors.co.uk/companies/news/50416/po-valley-energy-spuds-gradizza-1-gas-exploration-well-in-northern-italy-60011.html Po Valley Energy (ASX: PVE) has spudded the Gradizza-1 exploration well in the La Prospera licence north of Bologna, Italy, that targets Prospective Best Estimate (2C) Resources of 9 billion cubic feet of gas.

Notably, La Prospera farm-in partners AleAnna Resources and Petrorep Italiana are paying a disproportional share of costs for drilling the well to earn their 10% and 15% interests respectively.

The Gradizza structure is located in the Ferrara province north of Bologna and consists in a sandstone Quaternary target at a total measured depth of 1,000 metres.

In contrast to previous wells drilled by the company, Gradizza is a greenfield exploration target that has not been previously drilled and tested. It has been independently technically evaluated to have a 27% chance of success.

Drilling contractor LP Drilling Srl is using the Corsair 300 rig to drill the well with drilling to the potential gas bearing sands target expected to take about 10 days.

The company has a 75% interest in La Prospera.

Analysis

A gas discovery at Gradizza-1 will find a ready market in Italy, which is dependent on imports for 90% of its gas needs and has gas prices averaging about US$11 per thousand cubic feet.

This could in turn fuel an uptick in the company’s share price, given that a disproportional share of costs is being borne by its farm-in partners.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 14 Aug 2013 02:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/50416/po-valley-energy-spuds-gradizza-1-gas-exploration-well-in-northern-italy-60011.html
<![CDATA[News - Po Valley Energy CEO to step down ]]> https://www.proactiveinvestors.co.uk/companies/news/161111/po-valley-energy-ceo-to-step-down-46607.html Italy-focused Po Valley Energy's (PVE:ASX) CEO Giovanni Catalano has stepped down from that position today.

Catalano, has worked under a consultancy agreement since October 2010, will also resign as a director but will continue to work for up to three months to ensure a smooth transition to other members of management during this period.

Sara Edmonson, currently the Company’s chief financial officer, will assume the role of Acting CEO upon Catalano’s departure.

Chairman Graham Bradley, said “Giovanni has worked hard over the past 2.5 years to advance the company’s interests and operations in a difficult regulatory and political environment in Italy.

"We are grateful for his accomplishments, which include building a capable team in Rome, farming out interests in the forthcoming Gradizza-1 exploration well, negotiating a new reserve based lending facility with NedBank to secure future funding and advancing the company’s attractive portfolio of future exploration assets."

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Mon, 12 Aug 2013 11:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/161111/po-valley-energy-ceo-to-step-down-46607.html
<![CDATA[News - Po Valley Energy's Italian energy focus set for big pay off ]]> https://www.proactiveinvestors.co.uk/companies/news/49647/po-valley-energys-italian-energy-focus-set-for-big-pay-off-59126.html Po Valley Energy (ASX: PVE) is an Australian oil and gas junior that has established a long term focus on Italian assets. This has led to the accumulation of a very attractive portfolio of producing and near term production assets.

The Company currently owns and operates two gas treatment plants at Castello and Sillaro with considerable development and exploration upside potential that is fuelled by Italian gas prices that exceed $11.00 per thousand cubic feet (Mcf). This provides an extremely high netback when compared with U.S. and Australian producers that must remain profitable at under US$3.00 per Mcf.

Share Price: $0.11
Issued Shares: 122.4 million
Market Cap: $13.4 million
Cash: $1.8 million
EV: $10.65 million

ANALYSIS

With a gas production base, a strong locally based management team and a pipeline of exploration and development prospects, Po Valley Energy is ideally placed to capitalise on high Italian gas prices.

Near term production increases are likely from the Bezzecca gas field, which will produce through the existing Castello surface gas plant.

This and the restoration of full production from the Sillaro field are expected to take production above the 0.85 billion cubic feet recorded in 2012 and substantially increase its revenue.

Po Valley recorded net cash flow of €4.34 million (A$6 million) in 2012 on revenue of €8.2 million. Revenue for the March quarter was €1.6 million. Cash at bank at the end of the quarter amounted to €1.32 million.

The Company has also secured a €20 million reserve based lending (RBL) facility with Nedbank Group, replacing its previous debt facility with Lloyds Bank that had a drawn balance of €4 million.

This positions the Company to fund the next stage of its growth, which include two production concession final grants, the development of its first offshore permit as well as other projects in its development and exploration pipeline.

With its current 2P Reserves of 12.3 billion cubic feet of gas (bcf), or about 2.1 million barrels of oil equivalent (boe), Po Valley is clearly undervalued at its current EV/2P Reserves of just $5.07 per boe or $15.21/boe at a 33.33% discount.

This improves further to $4.32/boe ($12.96/boe) once the 2C Contingent Resources of 2.1 bcf from the Sant’Alberto gas field is included.                

To top it off, Po Valley has finalised a new gas offtake agreement with Shell Italia that is benchmarked to prices in Italy.

 
BOARD OF DIRECTORS

Graham Bradley serves as Chairman, and is a senior attorney who was a Managing Partner of Blake Dawson Waldron, and was a senior partner at McKinsey & Company. He was also Chief Executive Officer of Perpetual Limited, and is currently chairman of Stockland Corporation Limited, HSBC Bank Australia Limited, Anglo American Australia Limited and a director of Singapore Telecommunications Limited.

Giovanni Catalano is Po Valley's managing director and CEO and was most recently the chief executive officer of Mediterranean Oil & Gas plc in UK and Italy. He has almost 30 years experience in the upstream oil and gas industry and has served with Woodside Energy, AGIP and LASMO International.

Michael Masterman is Non-Executive Director / Deputy Chairman and co-founder of Po Valley. He currently serves in an executive role with Western Australian iron ore producer Fortescue Metals Group (ASX: FMG) and previously worked in a global capacity for McKinsey & Company. He has extensive experience in advising CEOs and boards of both large public and small developing companies across a wide range of industries.

Gregory Short is a Non-Executive Director who worked with Exxon in exploration, development and production geosciences and management for 33 years in Australia, Malaysia, USA, Europe and Angola. He is also a Non Executive director of ASX listed MEO Australia and Pryme Oil and Gas Limited.

Kevin Eley is a Non-Executive Director, who is a Chartered Accountant and was the former CEO of HGL LIMITED for 29 years. He has experience in management and investment covering manufacturing, mining, retail and financial services that included the development of early stage companies and their public governance. 


ITALIAN BASED TECHNICAL AND MANAGEMENT PERSONNEL

In addition to Giovanni Catalano the Italian based team is composed by:

Pierluigi Vecchia, Program Manager and a senior geologist, joined the Company in 1997, and formerly consulted for E&P operators in Italy and abroad.

Giorgio Bertuzzi, Exploration and New Projects Manager, 31 years experience with ENI and AGIP. He was Exploration Manager in northern Italy, Prefeasibility Studies Manager, in Italy, and Exploration, Planning and Control in Western and Eastern Africa.

Diego Balistreri, Production and Development Manager, with over 33 years of experience in various technical roles for reservoir, production, development management with oil and gas majors including ENI and Elf both in Italy and abroad.

Sara Edmonson is the Chief Financial Officer and has been with Po Valley since July 2010. Sara previously worked both in Italy and internationally for Ernst & Young Transaction Advisory Services.


SHAREHOLDING AND FUNDING

The last Annual Report listed major shareholders that included Michael Masterman who owns 32.84 million shares for a 21.4% interest, Hunter Hall Investment Management Pty Ltd with 21.37 million shares for a 17.4% interest; and Beronia Investments Pty Ltd with 7.11 million shares for a 5.8% interest.


ITALIAN OIL AND GAS MARKET

Italy has a population of 60 million and is the third largest gas market in Europe. The country is highly dependent on imports for 90% of gas and 85% of oil needs. Remaining best estimates for total unrisked resources across the country are 4.3 trillion cubic feet of gas and 1.8 billion barrels of oil.

A well developed local infrastructure includes an extensive nation gas grid which makes connection low cost and effortless, but is challenged by bureaucratic delays in bringing hydrocarbons to the market. To off set this factor gas prices are based off import pricing that is currently trading around A$11.00 per Mcf, and a very favourable tax and royalty regime of between 34% and 38% that is less taxing than Australia, New Zealand or the U.S.A.


PRODUCTION AND DEVELOPMENT ASSETS

Po Valley has crucial cash flow from its producing Castello and Sillaro gas fields in northern Italy, giving it a level of certainty that is not found in exploration companies.

Sillaro recorded average production of 1.7 million cubic feet per day (MMcfd) of gas in the March 2013 quarter while Castello produced 0.6 million cubic feet per day. Sillaro has remaining Proved and Probable (2P) Reserves of 6.5 billion cubic feet of gas while Castello has 1.6 bcf of 2P Reserves.

Castello facility

Production at Sillaro has recently increased to about 2.25 million cubic feet per day after a recently installed condensate separator allowed the Company to resume gas flow from the PL2 C1+C2 level.

Po Valley plans to ramp this up to 2.6 MMcfd, increasing overall production for the third quarter up to 2.77 MMcfd.

Gas flow from this level had previously been shut-in due to condensate production.

Further production increases are expected once the Company brings the Bezzecca gas field in northern Italy near Milan and close to the existing Castello plant.

Production will be sourced from the Pliocene and Miocene formations which are located at a depth of 2,000 metres. Bezzecca will also be the Company's third producing field.

Po Valley has already secured a preliminary production concession from the Italian Ministry of Economic Development, allowing it add 4.2 bcf of 2P gas.

The final award of the production licence is subject to the results of the related Environmental Impact Assessment (EIA), which has already been completed and lodged with the Lombardy Region.
Once the production licence has been granted, the Company will initiate activity on the field development plan, which primarily includes the construction of a 2 inch pipeline 7 kilometre in length needed to connect Bezzecca with the existing Castello surface gas plant from which it will be produced through.

Bezzecca was discovered in 2009 with the Bezzecca-1 well flowing gas at a combined rate of 3.9 million cubic feet per day during testing.

Besides Bezzecca, the development plan for the Sant’Alberto gas field, which is located near Bologna, is currently under review by the Ministry of Economic Development.

An updated 1 + 1 well development plan was lodged during the first quarter of 2012 and the Ministry is currently evaluating the latest documentation. The full licence award will be subject to final environmental approval.

Sant’Alberto contains the Santa Maddalena-1 well, which had produced gas at a rate of 1.8 MMcfd during testing. The field has best estimate (2C) Contingent Resources of 2.1 bcf of gas.

Production at Sant’Alberto is anticipated to get underway in late 2014.

 
EXPLORATION PIPELINE - GAS

Po Valley has a large gas exploration portfolio that offers substantial potential to further boost its Reserves and production.

The most immediate is the Gradizza-1 exploration well in the La Prospera block, which targets the Quaternary sands at a depth of 1,000 metres that have Prospective 2C gas Resources of 9 bcf.

Po Valley has received drilling approval from the Italian Government and has already ordered long lead items and recently completed civil works for the well, which is expected to spud by the end of July 2013.

The Company has also further reduced its exploration costs with the execution of a farm-in agreement that allows Delaware-based AleAnna Resources to earn 10% interest in La Prospera in return for a promote in the drilling of Gradizza-1.

In addition, to Po Valley has agreed to farm-out a 15% working interest to Petrorep, leaving it with a 75% operating interest in the permit.

Gradizza was identified from an interpretation of 68 kilometres of 2D seismic purchased from  Eni. It has a 27% probability of success.

The Zini and Canolo prospects within the Cadelbosco exploration permit near Bologna targets the former ENI Correggio gas field that had produced 250 bcf of gas from 41 productive wells and considers residual potential.

Po Valley's three-well drilling program and related EIAs are currently under review by the Ministry and Region with spud expected before the end of this year.

Zini and Canolo have estimated 2C Contingent Resources of 7.4 bcf.

Geophysical and geological  work carried out in 2012 has also allowed the Company to identify the new low risk Selva Stratigraphic prospect at the Podere Gallina licence where the Selva gas field produced 83 bcf from 15 wells over a 35 year period.

This prospect has estimated 2C Contingent Resources of 17 bcf.

A drilling location has been identified and the company plans to purchase further existing seismic and wells data for additional potential at East Selva.

There is also a high potential for gas discoveries within the AR94PY offshore permit, which is estimated to have a combined 2C contingent resource of 47.3 bcf.

AR94PY is located in the shallow waters of the Adriatic Sea and contains the Teodorico gas field – previously the Carola and Irma discoveries that were drilled and tested by Italy's Eni.

Preparation of a preliminary development plan is ongoing, with the aim to fast track the development of the field.

A new prospect  named West Vitalba has also been identified in the Cascina Castello production concession, which is estimated to hold a 2C prospective resource of 2.4 bcf of gas.

Po Valley has also been awarded a new gas exploration licence Tozzona, in the Bologna and Ravenna provinces in northern Italy.

Notably, the 90 square kilometre Tozzona licence lies on the eastern border of Eni’s gas production licence containing the Santerno gas field that has produced about 35 billion cubic feet of gas to date.

The main gas targets are Mio-Pliocene reservoirs within structural traps.

Initial work program for the six year licence includes the purchase of a semi-regional grid of 2D seismic lines from the former operator of the area, Eni.


EXPLORATION PIPELINE - OIL

Besides its gas development and exploration assets, Po Valley has a number of oil targets.

The Bagnolo in Piano prospect in the Cadelbosco licence and Ravizza in the adjacent Grattasasso licence target oil discoveries drilled between 1970 and1982.

Bagnolo in Piano is a deep lower Cretaceous fractured limestone play where three wells were drilled and flowed oil at rates of about 200 barrels per day.

Ravizza is a deep Oligo/Eocene fractured limestone play that was tested by the Ravizza-1 well which flowed 400bpd during testing.


CATALYSTS OVER THE NEXT 12 MONTHS

- Final production licence for Bezzecca
- Development and tie-in of Bezzecca to Castello
- Drilling of the Gradizza-1 well
- Progress on AR94PY development
- Receipt of Preliminary Production Concession for Sant’Alberto
- Start-up of construction of Sant’Alberto gas plant


ANALYSIS

Po Valley employs a highly competent management team that has built up a strong portfolio of production, development and exploration assets.

Existing production and development at Bezzecca and Sant'Alberto that are likely to lead to near term production increases are underwritten by high Italian gas prices that are several times higher than those in Australia and the United States.

Notably, the restoration of full production from the Sillaro field and the tie-in of Bezzecca is expected to take production above the 0.85 billion cubic feet recorded in 2012 and increase its revenue.

Po Valley recorded net cash flow of €4.34 million (A$6 million) in 2012 on revenue of €8.2 million. Revenue for the March quarter was €1.6 million (A$2.1 million). Cash at bank at the end of the quarter amounted to €1.32 million.

The Company has also secured a €20 million reserve based lending (RBL) facility with Nedbank Group, replacing its previous debt facility with Lloyds Bank that had a drawn balance of €4 million.

This positions the Company to fund the next stage of its growth, which include two final production concession grants, the development of its first offshore permit as well as other projects in its development and exploration pipeline.

With its current 2P Reserves of 12.2 billion cubic feet of gas, or about 2.1 million barrels of oil equivalent (boe), Po Valley is clearly undervalued at its current EV/2P Reserves of just $5.07 per boe or $15.21/boe at a 33.33% discount.

This improves further to $4.32/boe ($12.96/boe) once the 2C Contingent Resources of 2.1 bcf from the Sant’Alberto gas field is included.                

Surety of gas prices is also ensured by the company’s new gas offtake agreement with Shell Italia that is benchmarked to prices in Italy.

 

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Thu, 18 Jul 2013 00:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/49647/po-valley-energys-italian-energy-focus-set-for-big-pay-off-59126.html
<![CDATA[News - Po Valley Energy aims for 55% increase in Italian gas production ]]> https://www.proactiveinvestors.co.uk/companies/news/49277/po-valley-energy-aims-for-55-increase-in-italian-gas-production-58698.html Po Valley Energy (ASX: PVE) is ramping up gas production at its Sillaro gas field in northern Italy to about 75,000 standard cubic metres (2.6 million cubic feet) per day from the current 65,000scm/d.

Notably, this is expected to increase overall production for the third quarter up to about 80,000scm/d, up 55% above production in the second quarter.

It is also higher than the 70,000scm/d that the company produced in the first quarter.

The lower production in the second quarter – down 25% from the first quarter – is expected to reduce second quarter revenue by about 20%.

However, this will be reversed by the higher production expected in the current quarter.

Sillaro Field

The company had recommenced production from the main PL2 C1+C2 producing level at its Sillaro field after completing the installation of a three phase separator.

Production had previously being impacted by the onset of condensate production in January 2012 that required the level to be shut-in.

Gas output levels were reduced in the second quarter of 2013 to about 43,000scm/d from the previous 53,000scm/d pending completion and certification of the new separator installation.

Po Valley then recommenced production at a rate of about 65,000scm/d and plans to increase this over the coming days to the target rate of about 75,000scm/d.

Castello Field

The company has reduced production rates at the Castello Field to between 5,000scm/d and 10,000scm/d due to an increase in water production during the second half of May.

Test and analysis of the water production led to the decision that it would be prudent to reduce production.

Future work

Po Valley is waiting on the final award of the Bezzecca production licence to bring the field into production.

Bezzecca has 4.1 billion cubic feet of Proved and Probable Reserves of gas. It was discovered in 2009 with the Bezzecca-1 well flowing gas at a combined rate of 3.9 million cubic feet per day during testing.

Once the production licence has been granted, the company will initiate activity on the field development plan, which primarily includes the construction of a 2 inch pipeline 7 kilometre in length needed to connect Bezzecca with the existing Castello surface gas plant from which it will be produced through.

The company has also recently being awarded the 90 square kilometre Tozzona gas exploration licence in the Bologna and Ravenna provinces that lies on the eastern border of Eni’s gas production licence containing the Santerno gas field that has produced about 35 billion cubic feet of gas to date.

Initial work program for the six year licence includes the purchase of a semi-regional grid of 2D seismic lines from the former operator of the area, Eni.

It has also finalised a new gas offtake agreement with Shell Italia that is benchmarked to prices in Italy.

Analysis

The ramp-up of production from the Sillaro gas field is likely to lead to a corresponding increase in cash flow for Po Valley.

Overall production will rise to about 80,000scm/d, well above the 66,000scm/d in 2012 that resulted in revenue of €8.2 million.

Further upside will come from the Bezzecca field, which will add significantly to production once it is approved and tied into the Castello gas plant.

Po Valley also maintains a significant exploration pipeline while the new gas offtake agreement with Shell provides price certainty for the company’s gas.

 

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Fri, 05 Jul 2013 02:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/49277/po-valley-energy-aims-for-55-increase-in-italian-gas-production-58698.html
<![CDATA[News - Po Valley Energy signs gas sales contract with Shell ]]> https://www.proactiveinvestors.co.uk/companies/news/49128/po-valley-energy-signs-gas-sales-contract-with-shell-58528.html Po Valley Energy (ASX: PVE) has finalised a new gas offtake agreement with Shell Italia that is benchmarked to prices in Italy.

“We are very pleased to start a commercial relationship with Shell and welcome this opportunity in light of a number of future development projects both on and offshore Italy,” managing director Giovanni Catalano said.

“The new contract represents an important stage in the Po Valley Energy’s development as a gas producer as this is an opportune time to execute a gas sales contract with a major global customer.”

Po Valley was last month awarded a new gas exploration licence - the 90 square kilometre Tozzona - in the Bologna and Ravenna provinces in northern Italy that contains the Santerno gas field that has produced about 35 billion cubic feet of gas to date.

The company has also restarted production from the main producing level at its Sillaro gas field, increasing gas production to about 2.65 million cubic feet per day, up from the average production of 1.7MMcfd it recorded from the field in the March 2013 quarter.

It has identified a new low risk gas prospect at the Podere Gallina licence, where the Selva gas field produced 83 Bcf from 15 wells over a 35-year period and has found a new prospect in the Cascina Castello production concession, which is estimated to hold a 2C prospective resource of 2.4 Bcf of gas.

 

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Mon, 01 Jul 2013 00:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/49128/po-valley-energy-signs-gas-sales-contract-with-shell-58528.html
<![CDATA[News - Po Valley Energy awarded new gas exploration licence in northern Italy ]]> https://www.proactiveinvestors.co.uk/companies/news/161110/po-valley-energy-awarded-new-gas-exploration-licence-in-northern-italy-44196.html Po Valley Energy (ASX: PVE) has been awarded a new gas exploration licence in the Bologna and Ravenna provinces in northern Italy.

Notably, the 90 square kilometre Tozzona licence lies on the eastern border of Eni’s gas production licence containing the Santerno gas field that has produced about 35 billion cubic feet of gas to date.

The main gas targets are Mio-Pliocene reservoirs within structural traps.

Initial work program for the six year licence includes the purchase of a semi-regional grid of 2D seismic lines from the former operator of the area, Eni.

“Tozzona represents another prospective addition to the Company’s exploration portfolio. Now that we have secured the licence, we will commence geological and geophysical studies aimed at evaluating already identified opportunities in similar settings to the Santerno gas field,” managing director Giovanni Catalano said.

Po Valley is currently waiting on final approval from Italy’s Ministry of Economic Development (UNMIG) to restart production from the main producing level at its Sillaro gas field, where gas production will be boosted to 2.4 million cubic feet per day, up from the average production of 1.7MMcfd it recorded from the field in the March 2013 quarter.

It has identified a new low risk gas prospect at the Podere Gallina licence, where the Selva gas field produced 83 Bcf from 15 wells over a 35-year period and has found a new prospect in the Cascina Castello production concession, which is estimated to hold a 2C prospective resource of 2.4 Bcf of gas.

Revenue for the March quarter was €1.6 million (A$2.1 million). Cash at bank at the end of the quarter amounted to €1.32 million.

 

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Thu, 06 Jun 2013 10:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/161110/po-valley-energy-awarded-new-gas-exploration-licence-in-northern-italy-44196.html
<![CDATA[News - Po Valley on track for solid cash flow, higher Italian gas production ]]> https://www.proactiveinvestors.co.uk/companies/news/48054/po-valley-on-track-for-solid-cash-flow-higher-italian-gas-production-57276.html Po Valley Energy (ASX: PVE) expects to maintain its solid cash flows while increasing production at its Sillaro gas field in northern Italy for the rest of 2013.

Speaking to shareholders, chairman Graham Bradley added the company also expected to secure funding for production facilities at Bezzecca and Sant’ Alberto when these prospects secure final approval.

“A major priority will be to find farm-in partners to help progress a number of our highly prospective assets towards development,” he added.

Po Valley has already secured two partners Petrorep Italiana and Aleanna Resources for the La Prospera licence.

These have farmed into three wells that the company plans to drill in the 2013/2014 period, the first of which is the Gradizza-1 that is expected to spud in June 2013.

Bradley also noted the €20 million reserve based lending (RBL) facility with South Africa’s Nedbank Group to replace its facility with Lloyds Bank was a positive for the company.

“Securing this facility in the currently constrained European banking market was a real vote of confidence on the part of NedBank in the company’s prospects as well as our sound track record as a borrower.”

Po Valley is currently waiting on final approval from Italy’s Ministry of Economic Development (UNMIG) to restart production from the main producing level at its Sillaro gas field, where gas production will be boosted to 2.4 million cubic feet per day, up from the average production of 1.7MMcfd it recorded from the field in the March 2013 quarter.

It has identified a new low risk gas prospect at the Podere Gallina licence, where the Selva gas field produced 83 Bcf from 15 wells over a 35-year period and has found a new prospect in the Cascina Castello production concession, which is estimated to hold a 2C prospective resource of 2.4 Bcf of gas.

There is also a high potential for gas discoveries within the AR94PY offshore permit, which is estimated to have a combined 2C contingent resource of 47.3 Bcf.

AR94PY is located in the shallow waters of the Adriatic Sea and contains two connected gas discoveries, Carola and Irma, which were previously drilled and tested by Italy's Eni.

Revenue for the March quarter was €1.6 million (A$2.1 million). Cash at bank at the end of the quarter amounted to €1.32 million.

 

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Fri, 24 May 2013 05:34:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/48054/po-valley-on-track-for-solid-cash-flow-higher-italian-gas-production-57276.html
<![CDATA[News - Po Valley Energy commits to drilling Gradizza-1 gas exploration well in Italy ]]> https://www.proactiveinvestors.co.uk/companies/news/47547/po-valley-energy-commits-to-drilling-gradizza-1-gas-exploration-well-in-italy-56685.html Po Valley Energy (ASX: PVE) has committed to drilling the Gradizza-1 exploration well in the La Prospera licence in northern Italy and has executed a second farm-in agreement for the licence.

“The approval to drill Gradizza-1 and the new farmin agreements are significant steps towards achieving our near-term development strategy, which aims to confirm Resources by drilling low risk assets,” managing director Giovanni Catalano said.

“In 2013 the company continues to seek farmin partners in order to accelerate development of its exploration portfolio.”

Gradizza-1 targets the Quaternary sands at a depth of 1,000 metres that has Prospective Best Estimate gas Resources of 9 billion cubic feet of gas.

Po Valley has already ordered long lead items and recently commenced civil works for the well, which is expected to spud by the end of June 2013.

La Prospera, located in the Ferrara province north of Bologna, was awarded in September 2008.

The Gradizza prospect was identified from an interpretation of 68 kilometres of 2D seismic acquired by Eni. It has a 27% probability of success.

Farm-in Agreement

Po Valley has executed a farm-in agreement that allows Delaware-based AleAnna Resources to earn 10% interest in La Prospera in return for a promote in the drilling of Gradizza-1.

This is in addition to Po Valley’s agreement to farm-out a 15% working interest to Petrorep, leaving it with a 75% operating interest in the permit.

The farmout agreements with both partners are subject to regulatory approvals by the Italian Ministry of Economic Development.

AleAnna is also focused on Italian oil and gas. It holds seven exploration permits and two exploration permit applications in the Po Valley region and one exploration permit and one application in the Bradano Basin, southern Italy.

Po Valley Energy has had €1.3 million (A$1.68 million) in cash as of 31 March 2013.

It has also secured this week a €20 million five-year reserve based lending (RBL) facility with Nedbank Group that replaces the current debt facility with Lloyds Bank, which matures this November.

The company had a drawn balance of €4 million on the Lloyds facility.

 

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Thu, 09 May 2013 01:27:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/47547/po-valley-energy-commits-to-drilling-gradizza-1-gas-exploration-well-in-italy-56685.html
<![CDATA[News - Po Valley Energy completes Euro 20M refinancing with Nedbank ]]> https://www.proactiveinvestors.co.uk/companies/news/47440/po-valley-energy-completes-euro-20m-refinancing-with-nedbank-56561.html Po Valley Energy (ASX:PVE) has secured a Euro 20 million reserve based lending (RBL) facility with Nedbank Group, that could potentially consolidate its status as a gas producer.

The new five year term Nedbank facility replaces the current debt facility with Lloyds Bank, which matures this November.

It has a current drawn balance of Euro 4 million.

The funds will be used to boost further growth with the company booking maiden profit before income tax of Euro201,570 for the year ended 31 December 2012.

Po Valley's CEO and managing director Giovanni Catalano said, "Funding under the Lloyds facility enabled PVE to transform from an exploration company to a production company.

"The new Nedbank facility allows us to fund the next stage of the company's growth opportunities which include two final production concession grants, the development of our first offshore permit and other projects in the company's pipeline."

It is currently waiting on final approval from Italy’s Ministry of Economic Development (UNMIG) to restart production from the main producing level at its Sillaro gas field, where gas production will be boosted to 2.4 million cubic feet per day, up from the average production of 1.7MMcfd it recorded from the field in the March 2013 quarter.

On the exploration side, Po Valley is close to finalising a farm-out of 25% equity at the La Prospera licence.

Civil works will start on the Gradizza-1 well, which will be drilled to a depth of 1,000 metres and target 9 billion cubic feet of gas.

Po Valley has also identified a new low risk gas prospect at the Podere Gallina licence, where the Selva gas field produced 83 Bcf from 15 wells over a 35-year period.

Furthermore, the company has also found a new prospect in the Cascina Castello production concession, which is estimated to hold a 2C prospective resource of 2.4 Bcf of gas.

There is also a high potential for gas discoveries within the AR94PY offshore permit, which is estimated to have a combined 2C contingent resource of 47.3 Bcf.

AR94PY is located in the shallow waters of the Adriatic Sea and contains two connected gas discoveries, Carola and Irma, which were previously drilled and tested by Italy's Eni.

 

Analysis

Receiving the commitment from Nedbank is a coup for Po Valley Energy in what is a challenging global economic climate.  The Nedbank facility will fund the next stage of growth.

Often forgotten is that Po Valley has successfully transformed from an exploration company to a production company in Italy.

Po Valley commercialises the company’s gas production on the Italian spot gas market though InTrading Srl, a joint venture with the Italian gas wholesale distributor Italtrading Spa.

The average spot price for the March quarter was 29 Euro cents per cubic metre. The average price for the month of April is 31 Euro cents per scm.

Revenue for the March quarter was €1.6 million ($2.1 million). Cash at bank at the end of the quarter amounted to €1.32 million (AUD 1.6 million).


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Mon, 06 May 2013 01:09:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/47440/po-valley-energy-completes-euro-20m-refinancing-with-nedbank-56561.html
<![CDATA[News - Po Valley Energy close to increasing Sillaro gas production ]]> https://www.proactiveinvestors.co.uk/companies/news/47311/po-valley-energy-close-to-increasing-sillaro-gas-production-56408.html Po Valley Energy (ASX: PVE) is waiting on final approval from Italy’s Ministry of Economic Development (UNMIG) to restart production from the main producing level at its Sillaro gas field.

Importantly, this will increase production to about 2.4 million cubic feet per day (MMcfd) of gas, up from the average production of 1.7MMcfd it recorded from the field in the March 2013 quarter.

Works had been progressed at the field during the quarter to complete the installation of the condensate separator equipment, which had been brought on site for tie-in at the end of April.

Total production for the March 2013 quarter was 220 million cubic feet (MMcf) of gas, up from the 210MMcf it produced in the previous quarter.

Revenue for the quarter was down to €1.6 million (A$2 million) from €1.7 million in the December 2012 quarter.

Po Valley is also finalising a new Reserve Based Lending Facility to replace the existing loan facility with Lloyds bank, which currently stands at €4 million and expires in November 2013.

Negotiations are well advanced with a London branch of an international bank and the company will inform the Market as soon as the agreement is finalised.

The company had €1.3 million in cash as of 31 March 2013.

Reserves Upgrade

Po Valley had in mid-April received a Competent Person Report for geological and petroleum reservoir company Robertson CGC that marked a slight increase in the company’s Reserves due to the inclusion of the Bezzecca field and in spite of produced gas in 2012.

Po Valley now has Proved Reserves of 7.3 billion cubic feet of gas with Proved and Probable Reserves of 12.3Bcf.

Upside has also improved Best Estimate (2C) Contingent Resources increased by 80% from last year’s review to 79.5Bcf of gas as well as 10 million barrels of oil while Prospective Resources were up 38% to 201.2Bcf.

The CPR also confirmed the validity of a new low risk prospect, located in the Podere Gallina licen-ce named Selva Stratigraphic, with 2C Contingent Resources of 17Bcf.

A second promising new prospect was identified within the Cascina Castello production concession named West Vitalba. Robertson CGG has certified best estimate Prospective Resources of 2.4Bcf.

Onshore Development

Po Valley is in the last stage of the regulatory approval process for the award of the final production concession for the Bezzecca gas field.

Once the production licence has been granted, the company will initiate activity on the field development plan.

This primarily includes the construction of a 2 inch pipeline 7 kilometre in length needed to connect the 4.1Bcf Bezecca field with the existing Castello surface gas plant from which it will be produced through.

Bezzecca was discovered in 2009 with the Bezzecca-1 well flowing gas at a combined rate of 3.9 million cubic feet per day during testing.

The development plan for the Sant’Alberto gas field in the San Vincenzo permit was reviewed by the Ministry and a preliminary production concession is expected by the end of the current quarter.

Sant’Alberto was previously drilled by Edison in 2004 and has 2C Contingent Resources of 2.1Bcf of gas.

The drilling programs and the related Environmental Impact Assessment (EIA) for the Zini 1, Canolo 1d and Canolo 2d wells, located in the Cadelbosco di Sopra area, are under review by the Ministry and the Region. The first EIA hearing was held in March 2013.

Offshore Development

The preliminary interpretation carried out on AR94PY’s 3D seismic dataset recently purchased from Italian major Eni and the updated Contingent Resources certified by Robertson CGG have confirmed the high potential of the gas discoveries within the permit.

AR94PY is located in the shallow waters of the Adriatic Sea and contains two connected gas discoveries, Carola and Irma, which were previously drilled and tested by Eni.

The discoveries have combined 2C Contingent Resources of 47.3Bcf, up 80% from previous estimates.

Exploration

On the exploration front, Po Valley is close to finalising a farm-out for 25% equity plus promote in the La Prospera to two companies.

Civil works will start soon and the Gradizza-1 well in the permit is expected to spud by the end of June 2013.

The company has progressed the logistics and procurement processes for the well in the La Prospera licence.

Gradizza-1 will be drilled to a total depth of 1,000 metres targeting 9Bcf of gas.

Within the Podere Gallina Licence the company has identified a new low risk prospect – Selva Stratigraphic – after carrying out the geophysical and geochemical work to assess the residual gas potential of the Selva gas field, which produced 83Bcf of gas from 15 wells over a 35 year period.

The whole area of the ex Selva field will be thoroughly investigated through the purchase of additional existing 2D seismic and wells data plus a possible new 3D seismic acquisition.

Robertson CGG has certified 2C Contingent Resources of 17 bcf of gas for the prospect. Work is progressing to finalise a drilling location.

In the Cascina Castello production concession and a short distance from the production facility of Vitalba, a new promising prospective area with 2C Prospective Resources of 2.4Bcf of gas has been identified and named West Vitalba.

The technical team has worked on a 3D seismic survey dataset to finalise a well location and a drilling program for the prospect.
Po Valley’s application for the La Risorta exploration licence is ongoing.

The company submitted the EIA study to the Emilia Romagna and Veneto Regions and in January the first public hearing to present the project was held in the Veneto Region.

Analysis

While Po Valley’s production and revenue has remained stable from the December 2012 quarter to the March 2013 quarter, the imminent approval for the restart of production from the main PL2 C1+C2 level at the Sillaro field will provide a substantial increase to both figures.

This will be further increased by the tie-in of the Bezzecca gas field to the Castello surface gas plant.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 01 May 2013 03:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/47311/po-valley-energy-close-to-increasing-sillaro-gas-production-56408.html
<![CDATA[News - Po Valley Energy makes maiden profit before tax in 2012 ]]> https://www.proactiveinvestors.co.uk/companies/news/45967/po-valley-energy-makes-maiden-profit-before-tax-in-2012-54853.html

Po Valley Energy (ASX: PVE) has posted a maiden profit before income tax of €201,570 for the year ended 31 December 2012 due to a strong gas price and improved operating efficiencies.

This compares with a loss before income tax of €4.89 million (A$6.1 million) in 2011. Net profit after tax was €2.37 million after recognising a deferred tax asset of €2.23 million for the first time.

Net cash flow from operating activities was up 33% over the previous year to €4.34 million despite a drop in revenue to €8.2 million from €9.11 million.

While production was down 15% to 0.85 billion cubic feet of gas due primarily to the suspension of Sillaro’s main producing level, Po Valley expects this to increase once production at the field rises from the 1.9 million cubic feet per day in 2012 following installation of a new condensate separator.

“The construction of the new condensate separator is almost complete and the field is expected to return to the previous daily production rates of 80,000 standard cubic metres (2.8MMcfd) in early April 2013,” managing director Giovanni Catalano said.

The company has also continued to pay down its debt, with €2 million paid down on its Lloyds Commercial Loan Facility, reducing borrowings to €4 million.

Po Valley had cash of €1.22 million as of 31 December 2012.

Bezzecca

Further production increases are expected once the company brings the Bezecca gas field in northern Italy into production.

Po Valley has already secured a preliminary production concession from the Italian Ministry of Economic Development, allowing it add 4.1Bcf of gas to its proved and probable reserves. 

The final award of the production licence is subject to the results of the related Environmental Impact Assessment (EIA), which has already been completed and lodged with the Lombardy Region. 

The first hearing was held in November 2012 and the local authorities visited the site at the beginning of December. 

Once the production licence has been granted, the company will initiate activity on the field development plan, which primarily includes the construction of a 2 inch pipeline 7 kilometre in length needed to connect Bezecca with the existing Castello surface gas plant from which it will be produced through.

Bezzecca was discovered in 2009 with the Bezzecca-1 well flowing gas at a combined rate of 3.9 million cubic feet per day during testing.

Forward drilling program

Po Valley expects to drill in the next 24 months the Gradizza-1 exploration well in the La Prospera permit, where it has finalised and executed two farm-in agreements with Petrorep Italiana S.p.a. and Aleanna Resources Ltd.

It will also appraise three Quaternary/Pliocene gas prospects in Cadelbosco di Sopra subject to ongoing regulatory approvals and available finances.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 18 Mar 2013 00:11:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/45967/po-valley-energy-makes-maiden-profit-before-tax-in-2012-54853.html
<![CDATA[News - Po Valley directors increase stakes through participation in private placement ]]> https://www.proactiveinvestors.co.uk/companies/news/45794/po-valley-directors-increase-stakes-through-participation-in-private-placement-54644.html Po Valley (ASX: PVE) directors have acquired further shares in the company after participating in a A$1.35 million private placement to support the upgrade of the Sillaro gas plant in Italy to enable higher production.

Deputy chairman Michael Masterman has acquired 3 million shares priced at $0.12 for a total of $360,000.

This brings his stake in the company up to 32,845,302 shares.

Chairman Graham Bradley acquired 250,000 shares for $30,000, bringing his total shareholding up to 1,373,880 while director Gregory Short acquired 200,000 shares increasing his shareholding up to 200,000 shares.

Director Kevin John Eley acquired 400,00 shares for $48,000, increasing his stake up to 800,000 shares.

Production from Sillaro is presently at about 1.8 million cubic feet of gas per day (MMcfd) pending installation of a condensate separator.

This will allow production to reach 3MMcfd.

Po Valley had $1.2 million as of 31 December 2012 and a current market capitalisation of $12.23 million.

 

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Mon, 11 Mar 2013 21:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/45794/po-valley-directors-increase-stakes-through-participation-in-private-placement-54644.html
<![CDATA[News - Po Valley deputy chairman Michael Masterman acquires more shares ]]> https://www.proactiveinvestors.co.uk/companies/news/43359/po-valley-deputy-chairman-michael-masterman-acquires-more-shares-51736.html

Italian gas producer Po Valley Energy’s (ASX: PVE) deputy chairman Michael Masterman has acquired 150,000 shares in the company in on market trade for $16,500, or $0.11 per share.

The acquisition increases the number of shares that Masterman holds both directly and indirectly in the company to 29,845,302 shares.

Po Valley expects to boost production in early 2013 after completing upgrades to its Sillaro gas plant.

Production from Sillaro is presently constrained at about 1.8 million cubic feet of gas per day (MMcfd) pending installation of a condensate separator.

Once installed, production from the field is expected to rise to about 3MMcfd.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 19 Dec 2012 23:49:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/43359/po-valley-deputy-chairman-michael-masterman-acquires-more-shares-51736.html
<![CDATA[News - Po Valley Energy raising A$1.35M to upgrade Sillaro gas plant ]]> https://www.proactiveinvestors.co.uk/companies/news/42776/po-valley-energy-raising-a135m-to-upgrade-sillaro-gas-plant-51065.html  

Italy focused Po Valley Energy (ASX: PVE) has secured commitments for A$1.35 million in funding to upgrade the Sillaro gas plant to enable higher production.

Production from Sillaro is presently constrained at about 1.8 million cubic feet of gas per day (MMcfd) pending installation of a condensate separator.

Po Valley managing director Giovanni Catalano told Proactive Investors that following installation of the separator, which is expected in early 2013, production will reach 3MMcfd.

The funds were raised through a private placement of about 11.3 million shares priced at $0.12 each to several Australian institutional and sophisticated investors.

Several of the company’s non-executive directors have also supported the placement though this is subject to shareholder approval.

The first tranche of 7.4 million shares will be issued on 6 December 2012 and the second tranche of 3.85 million shares will be issued to the non-executive directors if shareholder approval is obtained at an extraordinary meeting of shareholders which the company plans to hold in late January 2013.

Sillaro field

Production from the Sillaro field started in December 2009 but experienced faster than expected decline in wellhead pressures in April 2010.

The decision was then made to drill Vitalba1dirA to access the remaining attic gas at the field, estimated at about 3.5 billion cubic feet.

However, the impact of cold weather in January 2012 resulted in an increase in condensate production at the Sillaro gas site and production was halted for four days while excess condensate was removed from the processing facility.

Investigations confirmed that the condensate production was originating from the PL2 C1+C2 producing level, leading the level to be shut-in until the condensate separator is installed.

Looking ahead

Besides the expected return in Sillaro production to 3 million cubic feet of gas per day, Po Valley is also moving to bring its Bezzecca gas field in northern Italy into production.

The company has already secured a preliminary production concession from the Italian Ministry of Economic Development, allowing it add 4.1Bcf of gas to its proved and probable reserves.

Importantly, Bezzecca will be its third producing field and will use the existing Castello surface gas plant.

The final award is expected around the end of the calendar year once the Environmental Impact Assessment (EIA), which was submitted in February 2012, has been fully reviewed by the Lombardy Region.

Bezzecca was discovered in 2009 with the Bezzecca-1 well flowing gas at a combined rate of 3.9 million cubic feet per day during testing.

Analysis

The expected increase in production from Sillaro will substantially increase the company’s revenue.

Po Valley had recorded revenue of €2.1 million (A$2.6 million) in the September 2012 quarter from production of 2.4MMcfd of gas from both the Sillaro and Castello fields.

Production could increase to about 3.6MMcfd following the upgrade, increasing revenue to about €3 million.

Po Valley held cash of about €2.2 million as of 30 September 2012.

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Mon, 03 Dec 2012 03:46:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/42776/po-valley-energy-raising-a135m-to-upgrade-sillaro-gas-plant-51065.html
<![CDATA[News - Po Valley deputy chairman Michael Masterman increases stake on market ]]> https://www.proactiveinvestors.co.uk/companies/news/41589/po-valley-deputy-chairman-michael-masterman-increases-stake-on-market-49591.html

Po Valley (ASX: PVE) deputy chairman Michael Masterman has increased his stake in the company by 700,000 shares to 26.7 million shares after making a number of transactions.

Masterman had acquired 1 million shares on market at a total price of A$155,000 for an average price of A$0.155 per share and sold 300,000 shares on market for A$45,009.5 (A$0.15 per share).

Po Valley was last month awarded preliminary production concession for the Bezzecca gas field in northern Italy, allowing it to reclassify the independently estimated Resources there as Reserves.

This increased its proved and probable reserves by 4.1 billion cubic feet (Bcf) to 13Bcf.

It is also expected to result in a production boost with Po Valley moving to connect the already drilled and completed Bezzecca-1 well to the existing Castello surface gas plant via a seven kilometre gathering line. 

Gas production is likely to start in the first half of 2013.

 

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Fri, 26 Oct 2012 04:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/41589/po-valley-deputy-chairman-michael-masterman-increases-stake-on-market-49591.html
<![CDATA[News - Po Valley Energy has increased production and cash flow in its sights ]]> https://www.proactiveinvestors.co.uk/companies/news/40616/po-valley-energy-has-increased-production-and-cash-flow-in-its-sights-48449.html

Po Valley Energy (ASX: PVE) is a step closer towards increasing its production and cash flow with the award of a preliminary production concession for the Bezzecca gas field in northern Italy.

The award by the Italian Ministry of Economic Development allows the company to reclassify the independently estimated Resources as Reserves, giving it a further 4.1 billion cubic feet (Bcf) of proved and probable reserves.

“We are delighted to have reached this milestone on Bezzecca, which will become our third producing field,” managing director Giovanni Catalano said.

“Notably, the ability to utilise the existing Castello surface gas plant makes the commercialisation of the Bezzecca field particularly attractive. Furthermore, the addition of this third production field will increase Po Valley’s total Proven Reserves by 10% to 8Bcf and Proven+Probable by 46% to 13Bcf.”

The final award is expected around the end of the calendar year once the Environmental Impact Assessment (EIA), which was submitted in February 2012, has been fully reviewed by the Lombardy Region.

Bezzecca

Bezzecca is located in Po Valley’s 100% owned Cascina Castello concession area, east of Milan, which also contains the Castello production field.

It was discovered in 2009 with the Bezzecca-1 well flowing gas at a combined rate of 3.9 million cubic feet per day during testing.

With this preliminary award, Po Valley has commenced preparation to implement a two-phase development programme. 

The first phase involves a connection of the already drilled and completed Bezzecca-1 well to the existing Castello surface gas plant via a seven kilometre gathering line. 

Gas production is likely to start in the first half of 2013.

The second phase, following the start-up of gas production, includes a second development well, Bezzecca-2, to be drilled in 2014. The Castello surface gas plant has sufficient capacity to process production from the single Castello well and both Bezzecca wells.

Other developments

Po Valley is also awaiting preliminary award of the Production Licence for its Santa Maddalena gas field in the San Vincenzo permit. 

An updated development plan was lodged during 1Q12 and the Ministry is currently evaluating the latest documentation. The full licence award will be subject to final environmental approval.

Santa Maddalena has best estimate (2C) Contingent Resources of 2.1Bcf of gas, which would be produced from the existing Santa Maddalena-1 well.

On the exploration front, Po Valley is waiting on approvals for the planned Zini-1, Canolo-1d and Canolo-2d wells in the Cadelbosco di Sopra permit as well as the Fantuzza-1 and Gradizza-1 exploration wells.

The Canolo and Zini wells are covered by the farm-in of French oil and gas company Petrorep, which is earning its stake in the Cadelbosco di Sopra licence by paying a promoted share of future drilling.
The Cadelbosco di Sopra and adjacent Grattasasso permits host the former Correggio gas field that had produced about 250 billion cubic feet of gas (Bcf) for former owner Eni.

Cadelbosco di Sopra also includes the Bagnolo in Piano deep (Cretaceous carbonates) oil discovery where Eni had drilled three wells in the 1980s.

La Prospero contains the Gradizza prospect that is believed to host 9 billion cubic feet of gas.

Po Valley is also planning to acquire the existing 3D seismic over the newly awarded AR94PY offshore Exploration Permit, which contains the Carola and Irma gas discoveries that have been independently audited to hold 2C Contingent Resources of 24.8Bcf, and to apply for a production concession licence over it as soon as possible.

The company plans to drill at least one well at Carola and Irma in 2013.

Analysis

The addition of Bezzecca to Po Valley’s production portfolio could more than double the company’s production, which was about 2.6 million cubic feet of gas per day at 30 June 2012 from the Castello and Sillaro fields.

With realised gas prices of €0.338 cents per cubic metre realised in the last quarter likely to continue or strengthen into the near future, this is expected to make a material impact on the company’s revenues and profit.

The potential increase in production and realised gas prices assisting revenue growth continues the resurgence of Po Valley in 2012.  The current market valuation of A$17.8 million looks light.

 

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Wed, 26 Sep 2012 02:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/40616/po-valley-energy-has-increased-production-and-cash-flow-in-its-sights-48449.html
<![CDATA[News - Po Valley Energy director shows confidence, buys more shares on market ]]> https://www.proactiveinvestors.co.uk/companies/news/39704/po-valley-energy-director-shows-confidence-buys-more-shares-on-market-47400.html

Italy focused Po Valley Energy's (ASX: PVE) director Kevin John Eley has further increased his stake in the company to 400,000 shares after acquiring 77,000 shares on market.

Eley bought the shares for a total of A$13,090, providing an average entry price of $0.17 per share.

Shares in Po Valley have grown since July with further support this month after it reported cash flow for the half year ended 30 June 2012 of €4.1 million (A$4.8 million), up 87% from the previous corresponding period, demonstrating the strength of its Italian assets.
    
This was achieved on production of 434 million cubic feet of gas for the six months from both the Sillaro and Castello fields.

Further growth is on the cards with the company installing a condensate separator at the Sillaro field to maximum production by better managing the condensate production arising from level PL2 C1+C2 at the field and an expansion to the Castello production licence expected once the Italian Government reviews the related Environmental Impact Assessment. 

This will add the Bezzecca area to the licence, which will increase the company’s production.

The Bezzecca-1 well had flowed gas at a combined rate of 3.75 million cubic feet per day during testing.

Po Valley also has a pipeline of exploration wells lined up including the Canolo and Zini wells in the Cadelbosco di Sopra permit that are covered by the farm-in of French oil and gas company Petrorep, which is earning its stake in the Cadelbosco di Sopra licence by paying a promoted share of future drilling, as well as acquiring existing 3D seismic over the newly awarded AR94PY offshore Exploration Permit.

 

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Wed, 29 Aug 2012 01:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/39704/po-valley-energy-director-shows-confidence-buys-more-shares-on-market-47400.html
<![CDATA[News - Po Valley chairman acquires more shares on market ]]> https://www.proactiveinvestors.co.uk/companies/news/39476/po-valley-chairman-acquires-more-shares-on-market--47144.html

Italy focused Po Valley Energy (ASX: PVE) deputy chairman and co-founder Michael Masterman now holds 28,995,302 shares in the company after acquiring an additional 108,281 shares on-market.

The purchase, which takes his stake in the company to 26.09% from 26.08%, was done at a total consideration of A$16242.15 for an average price of A$0.15 per share.

The current share price of Po Valley has ticked up since July reflecting the strength of its Italian assets with cash flow for the half year ended 30 June 2012 of €4.1 million (A$4.8 million), up 87% from the previous corresponding period.

This was achieved on production of 434 million cubic feet of gas for the six months from both the Sillaro and Castello fields.

Further growth is on the cards with the company installing a condensate separator at the Sillaro field to maximum production by better managing the condensate production arising from level PL2 C1+C2 at the field and an expansion to the Castello production licence expected once the Italian Government reviews the related Environmental Impact Assessment. 

This will add the Bezzecca area to the licence, which will increase the company’s production.

The Bezzecca-1 well had flowed gas at a combined rate of 3.75 million cubic feet per day during testing.

Po Valley also has a pipeline of exploration wells lined up including the Canolo and Zini wells in the Cadelbosco di Sopra permit that are covered by the farm-in of French oil and gas company Petrorep, which is earning its stake in the Cadelbosco di Sopra licence by paying a promoted share of future drilling, as well as acquiring existing 3D seismic over the newly awarded AR94PY offshore Exploration Permit.

 

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Wed, 22 Aug 2012 01:52:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/39476/po-valley-chairman-acquires-more-shares-on-market--47144.html
<![CDATA[News - Po Valley Energy deputy chairman continues on market purchases ]]> https://www.proactiveinvestors.co.uk/companies/news/39368/po-valley-energy-deputy-chairman-continues-on-market-purchases-47013.html

Italy focused Po Valley Energy (ASX: PVE) deputy chairman Michael Masterman has increased his stake in the company to 26.08% after acquiring an additional 1.2 million shares on-market.

Masterman acquired the shares between the end of May and mid-August for a total consideration of A$141,773, providing an average entry price of almost $0.12 per share. 

The current share price of Po Valley has ticked up since July reflecting the strength of its Italian assets with cash flow for the half year ended 30 June 2012 of €4.1 million (A$4.8 million), up 87% from the previous corresponding period.

This was achieved on production of 434 million cubic feet of gas for the six months from both the Sillaro and Castello fields.

Further growth is on the cards with the company installing a condensate separator at the Sillaro field to maximum production by better managing the condensate production arising from level PL2 C1+C2 at the field and an expansion to the Castello production licence expected once the Italian Government reviews the related Environmental Impact Assessment. 

This will add the Bezzecca area to the licence, which will increase the company’s production.

The Bezzecca-1 well had flowed gas at a combined rate of 3.75 million cubic feet per day during testing.

Po Valley also has a pipeline of exploration wells lined up including the Canolo and Zini wells in the Cadelbosco di Sopra permit that are covered by the farm-in of French oil and gas company Petrorep, which is earning its stake in the Cadelbosco di Sopra licence by paying a promoted share of future drilling, as well as acquiring existing 3D seismic over the newly awarded AR94PY offshore Exploration Permit.
 

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Mon, 20 Aug 2012 00:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/39368/po-valley-energy-deputy-chairman-continues-on-market-purchases-47013.html
<![CDATA[News - Po Valley Energy director shows confidence, increases stake again ]]> https://www.proactiveinvestors.co.uk/companies/news/39256/po-valley-energy-director-shows-confidence-increases-stake-again-46894.html Po Valley Energy (ASX: PVE) director Kevin John Eley has increased his stake in the company to 323,000 shares after acquiring 164,825 shares on market.

Eley bought the shares for a total of A$24,649.47, providing an average entry price of $0.15 per share.

This comes after Eley, who was appointed a director of the company on 19 June 2012, acquired his maiden stake in the company last Friday 10 August.

Po Valley has demonstrated the strength of its Italian assets with cash flow for the half year ended 30 June 2012 of €4.1 million (A$4.8 million), up 87% from the previous corresponding period.

This was achieved on production of 434 million cubic feet of gas for the six months from both the Sillaro and Castello fields.

Further growth is on the cards with the company installing a condensate separator at the Sillaro field to maximum production by better managing the condensate production arising from level PL2 C1+C2 at the field and an expansion to the Castello production licence expected once the Italian Government reviews the related Environmental Impact Assessment.

This will add the Bezzecca area to the licence, which will increase the company’s production.

The Bezzecca-1 well had flowed gas at a combined rate of 3.75 million cubic feet per day during testing.

Po Valley also has a pipeline of exploration wells lined up including the Canolo and Zini wells in the Cadelbosco di Sopra permit that are covered by the farm-in of French oil and gas company Petrorep, which is earning its stake in the Cadelbosco di Sopra licence by paying a promoted share of future drilling, as well as acquiring existing 3D seismic over the newly awarded AR94PY offshore Exploration Permit.

 

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Thu, 16 Aug 2012 01:05:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/39256/po-valley-energy-director-shows-confidence-increases-stake-again-46894.html
<![CDATA[News - Po Valley Energy director increases stake ]]> https://www.proactiveinvestors.co.uk/companies/news/39059/po-valley-energy-director-increases-stake-46657.html Po Valley Energy (ASX: PVE) director Kevin John Eley has acquired his maiden stake in the company, acquiring 158,175 shares on-market.

Eley, who was appointed a director of the company on 19 June 2012, bought the shares for a total of A$23,011.26, providing an average entry price of $0.145 per share.

Po Valley has demonstrated the strength of its Italian assets with cash flow for the half year ended 30 June 2012 of €4.1 million (A$4.8 million), up 87% from the previous corresponding period.

This was achieved on production of 434 million cubic feet of gas for the six months from both the Sillaro and Castello fields.

Further growth is on the cards with the company installing a condensate separator at the Sillaro field to maximum production by better managing the condensate production arising from level PL2 C1+C2 at the field and an expansion to the Castello production licence expected once the Italian Government reviews the related Environmental Impact Assessment.

This will add the Bezzecca area to the licence, which will increase the company’s production.

The Bezzecca-1 well had flowed gas at a combined rate of 3.75 million cubic feet per day during testing.

Po Valley also has a pipeline of exploration wells lined up including the Canolo and Zini wells in the Cadelbosco di Sopra permit that are covered by the farm-in of French oil and gas company Petrorep, which is earning its stake in the Cadelbosco di Sopra licence by paying a promoted share of future drilling.

Po Valley is also planning to acquire the existing 3D seismic over the newly awarded AR94PY offshore Exploration Permit and to apply for a production concession licence over it as soon as possible.

Exploration permit AR94PY – previously AR168PY – contains the Carola and Irma gas discoveries that were drilled by former operator Eni and have been independently audited to hold best estimate (2C) Contingent Resources of 24.8 billion cubic feet.

The company plans to drill at least one well at Carola and Irma in 2013.

 

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Fri, 10 Aug 2012 01:58:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/39059/po-valley-energy-director-increases-stake-46657.html
<![CDATA[News - Po Valley Energy cash flow up 87% to A$4.8M on Italian gas field performance ]]> https://www.proactiveinvestors.co.uk/companies/news/38864/po-valley-energy-cash-flow-up-87-to-a48m-on-italian-gas-field-performance-46438.html

Po Valley Energy (ASX: PVE) has demonstrated the strength of its Italian assets with cash flow for the half year ended 30 June 2012 of €4.1 million (A$4.8 million), up 87% from the previous corresponding period.

EBITDA was also up 17% to €2.6 million though net profit after tax was down 17% to €0.3 million due to the increase in depreciation from the Castello gas field since restarting production in February.

This was achieved on production of 434 million cubic feet of gas for the six months from both the Sillaro and Castello fields.

“We have made solid progress in the first half of the year with our exploration and development programs progressing steadily and have continued to strengthen our asset portfolio through the award of our first offshore licence - AR94PY, the farm-out to Petrorep and the preliminary award of a new onshore oil play – Torre del Moro.”

Po Valley held cash of €2 million at the end of the period while borrowings were unchanged at €6 million.

Building up for future performance

While Po Valley expects production in the second half of 2012 to be slightly lower than in the first half due to reduced production and a short shutdown to allow for the installation of a condensate separator at the Sillaro field, this is likely to change from 2013.

The condensate separator at Sillaro will allow Po Valley to ensure maximum production by better managing the condensate production arising from level PL2 C1+C2 at the field.

Plans are also well advanced to bring the Castello field back to full production while the final award of an enlarged Castello production licence to include the nearby Bezzecca area is expected once the Italian Government reviews the related Environmental Impact Assessment.

This will add to the company’s existing production as the Bezzecca-1 well had flowed gas at a combined rate of 3.75 million cubic feet per day during testing.

Once the new production licence is awarded, Po Valley will construct 7 kilometres of 2 inch pipeline to connect the two producing sites.

Exploration and appraisal

Po Valley is waiting on approvals for the planned Zini-1, Canolo-1d and Canolo-2d wells in the Cadelbosco di Sopra permit as well as the Fantuzza-1 and Gradizza-1 exploration wells.

The Canolo and Zini wells are covered by the farm-in of French oil and gas company Petrorep, which is earning its stake in the Cadelbosco di Sopra licence by paying a promoted share of future drilling.

Petrorep also holds an option to earn a 15% stake in Po Valley's 100% owned La Prospera licence where the drilling approval process for the Gradizza-1 exploration well is in its final stages.

The Cadelbosco di Sopra and adjacent Grattasasso permits host the former Correggio gas field that had produced about 250 billion cubic feet of gas (Bcf) for former owner Eni.

Cadelbosco di Sopra also includes the Bagnolo in Piano deep (Cretaceous carbonates) oil discovery where Eni had drilled three wells in the 1980s.

La Prospero contains the Gradizza prospect that is believed to host 9 billion cubic feet of gas.

Po Valley is also planning to acquire the existing 3D seismic over the newly awarded AR94PY offshore Exploration Permit and to apply for a production concession licence over it as soon as possible.

Exploration permit AR94PY – previously AR168PY – contains the Carola and Irma gas discoveries that were drilled by former operator Eni and have been independently audited to hold best estimate (2C) Contingent Resources of 24.8 billion cubic feet.

The company plans to drill at least one well at Carola and Irma in 2013.

Development is expected to be rapid due to the shallow water depths and proximity to offshore production facility at Eni’s adjacent Pandora gas field.

Analysis

The strong gas prices of about €0.358 per cubic metre realised by Po Valley in the first half can be expected to continue and possibly increase into the latter half of the year as the Eni gas release price increased to €0.4619 per cubic metre in June 2012.

This will allow the company to continue its financial performance and may offset the temporary decline in production.

With cash at bank of €2.0 million, Po Valley has made very solid progress in the first half of the year with its exploration and development programmes.

Approval of the expansion of the Castello production licence to include the nearby Bezzecca area will also be a strong positive for the company, giving it a substantial boost to production.

 

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Mon, 06 Aug 2012 03:58:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/38864/po-valley-energy-cash-flow-up-87-to-a48m-on-italian-gas-field-performance-46438.html
<![CDATA[News - Po Valley Energy outlines extensive pipeline of oil and gas activity in Italy ]]> https://www.proactiveinvestors.co.uk/companies/news/38634/po-valley-energy-outlines-extensive-pipeline-of-oil-and-gas-activity-in-italy-46188.html

Po Valley Energy (ASX: PVE) has an extensive pipeline of oil and gas exploration and development activity lined up in Italy over the coming months as it continues to prove the value of its producing Sillaro and Castello gas fields.

Po Valley is waiting on approvals for the planned Zini-1, Canolo-1d and Canolo-2d wells in the Cadelbosco di Sopra permit as well as the Fantuzza-1 and Gradizza-1 exploration wells.

The Canolo and Zini wells are covered by the farm-in of French oil and gas company Petrorep, which is earning its stake in the Cadelbosco di Sopra licence by paying a promoted share of future drilling.

It also expects a preliminary award of the Bezzecca Production Concession soon following a technical and economical evaluation to be carried out by the Ministry of Economic Development in August as well as a preliminary award of the Production Licence for its Santa Maddalena gas field in the San Vincenzo permit. 

An updated development plan was lodged during 1Q12 and the Ministry is currently evaluating the latest documentation. The full licence award will be subject to final environmental approval.

The company plans to acquire the existing 3D seismic over the newly awarded AR94PY offshore Exploration Permit and to apply for a production concession licence over it as soon as possible.

Production for the June 2012 quarter was 240 million cubic feet (MMcf) of gas, up from the 200MMcf it produced in the quarter ending 31 March 2012.

The higher production also allowed the company to post revenues of €2.3 million (A$2.7 million), up from the previous €2.1 million.

Po Valley is also making progress on ensuring maximum production from its Sillaro gas field in Italy with the submission of design work for a condensate processing facility to the Italian Government.

The new equipment, which will be installed at the Sillaro production plant, will allow Po Valley to better manage the minor condensate production arising from level PL2 C1+C2.

The company will also be keeping busy over the next couple of months, ensuring a steady flow of news.

 

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Tue, 31 Jul 2012 01:44:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/38634/po-valley-energy-outlines-extensive-pipeline-of-oil-and-gas-activity-in-italy-46188.html
<![CDATA[News - Po Valley Energy secures preliminary award of Italian onshore oil and gas permit ]]> https://www.proactiveinvestors.co.uk/companies/news/161109/po-valley-energy-secures-preliminary-award-of-italian-onshore-oil-and-gas-permit-31766.html Po Valley (ASX: PVE) continues to expand up its Italian offshore acreage as it moves to accelerate exploration to support its profitable operations at Sillaro and Castello.

The 111 square kilometre Torre del Moro preliminary exploration permit is located in Emilia-Romagna adjacent to the company’s 100% owned Terra del Sole exploration permit and 55 kilometres southeast of Bologna.

The area contains large structures with similarities to the Villafortuna-Trecate oil field in the Western Po Valley, which has produced 220 million barrels of oil and associated gas to date, and nearby Pliocene gas fields.

“This project increases the Company’s exploration targets in an attractive area adjacent to our Terra del Sole permit,” managing director Giovanni Catalano said.

“It will allow the Company to fully evaluate structures within the two contiguous blocks and will help progress potentially attractive leads to drillable status.”

Po Valley is required to submit the necessary environmental impact study to secure final award of the permit.

This will then be followed by geological and geophysical studies to fully evaluate a number of leads already identified. Should this return positive results, it will then move to drill an exploration well.

The new offshore licence adds to the AR94PY permit that was awarded to the company last week.

AR94PY – previously AR168PY – contains the Carola and Irma gas discoveries that have been independently audited to hold best estimate (2C) Contingent Resources of 24.8 billion cubic feet.

Accelerated exploration

Po Valley had in June signed up experienced French oil and gas company Petrorep as a partner in the Cadelbosco di Sopra licence.

Petrorep is earning a 15% stake in the Cadelbosco di Sopra licence by paying a promoted share of future drilling, including the upcoming three-well exploration drilling program, and reimbursement of past costs and also has an option to acquire a 15% stake in Po Valley's 100% owned La Prospera licence where the drilling approval process for the Gradizza-1 exploration well is in its final stages.

Any gas discoveries in Cadelbosco di Sopra and La Prospera will find a ready market in Italy, which is the third largest European market after the UK and Germany.

Analysis

The preliminary award of Torre del Moro builds up Po Valley’s exploration position at a time when Italian gas prices are rising, with the company’s realised gas prices rising by 24% over the year to A$13.11 per thousand cubic feet.

Po Valley’s acceleration of Cadelbosco di Sopra exploration provides a near-term opportunity to build up the company’s cash flow while the Torre del Moro permit provides a further pipeline of exploration prospects to build on.

The company’s position has also improved with operating cost improvements and an increase in cash in bank by 100% 2011 to A$2.4 million as at 31 December 2011.

Earnings before interest, taxes, depreciation, and amortisation for the first half of 2012 are expected to be over €2 million, which could facilitate a reduction in debt in the second half.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Fri, 27 Jul 2012 10:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/161109/po-valley-energy-secures-preliminary-award-of-italian-onshore-oil-and-gas-permit-31766.html
<![CDATA[News - Po Valley Energy secures preliminary award of Italian offshore oil and gas permit ]]> https://www.proactiveinvestors.co.uk/companies/news/38530/po-valley-energy-secures-preliminary-award-of-italian-offshore-oil-and-gas-permit-46073.html Po Valley (ASX: PVE) continues to expand up its Italian offshore acreage as it moves to accelerate exploration to support its profitable operations at Sillaro and Castello.

The 111 square kilometre Torre del Moro preliminary exploration permit is located in Emilia-Romagna adjacent to the company’s 100% owned Terra del Sole exploration permit and 55 kilometres southeast of Bologna.

The area contains large structures with similarities to the Villafortuna-Trecate oil field in the Western Po Valley, which has produced 220 million barrels of oil and associated gas to date, and nearby Pliocene gas fields.

“This project increases the Company’s exploration targets in an attractive area adjacent to our Terra del Sole permit,” managing director Giovanni Catalano said.

“It will allow the Company to fully evaluate structures within the two contiguous blocks and will help progress potentially attractive leads to drillable status.”

Po Valley is required to submit the necessary environmental impact study to secure final award of the permit.

This will then be followed by geological and geophysical studies to fully evaluate a number of leads already identified. Should this return positive results, it will then move to drill an exploration well.

The new offshore licence adds to the AR94PY permit that was awarded to the company last week.

AR94PY – previously AR168PY – contains the Carola and Irma gas discoveries that have been independently audited to hold best estimate (2C) Contingent Resources of 24.8 billion cubic feet.

Accelerated exploration

Po Valley had in June signed up experienced French oil and gas company Petrorep as a partner in the Cadelbosco di Sopra licence.

Petrorep is earning a 15% stake in the Cadelbosco di Sopra licence by paying a promoted share of future drilling, including the upcoming three-well exploration drilling program, and reimbursement of past costs and also has an option to acquire a 15% stake in Po Valley's 100% owned La Prospera licence where the drilling approval process for the Gradizza-1 exploration well is in its final stages.

Any gas discoveries in Cadelbosco di Sopra and La Prospera will find a ready market in Italy, which is the third largest European market after the UK and Germany.

Analysis

The preliminary award of Torre del Moro builds up Po Valley’s exploration position at a time when Italian gas prices are rising, with the company’s realised gas prices rising by 24% over the year to A$13.11 per thousand cubic feet.

Po Valley’s acceleration of Cadelbosco di Sopra exploration provides a near-term opportunity to build up the company’s cash flow while the Torre del Moro permit provides a further pipeline of exploration prospects to build on.

The company’s position has also improved with operating cost improvements and an increase in cash in bank by 100% 2011 to A$2.4 million as at 31 December 2011.

Earnings before interest, taxes, depreciation, and amortisation for the first half of 2012 are expected to be over €2 million, which could facilitate a reduction in debt in the second half.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Fri, 27 Jul 2012 03:21:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/38530/po-valley-energy-secures-preliminary-award-of-italian-offshore-oil-and-gas-permit-46073.html
<![CDATA[News - Po Valley Energy secures Italian offshore gas permit ]]> https://www.proactiveinvestors.co.uk/companies/news/38288/po-valley-energy-secures-italian-offshore-gas-permit-45775.html Po Valley Energy (ASX: PVE) has been formally awarded its first Italian offshore exploration permit that contains two connected gas discoveries in the shallow waters of the Adriatic Sea.

Exploration permit AR94PY – previously AR168PY – contains the Carola and Irma gas discoveries that have been independently audited to hold best estimate (2C) Contingent Resources of 24.8 billion cubic feet.

Both wells were drilled and tested by former operator ENI.

“We are delighted to have been awarded our first offshore exploration permit, particularly one which is well advanced and enables us to effectively fast track the process towards production from Carola/Irma,” managing director Giovanni Catalano said.

“Po Valley will proceed immediately with the development planning and economic optimisation necessary to support an application for a production concession licence.”

The company is now acquiring the 3D seismic data over the two structures. At least one well will be drilled at Carola and Irma in 2013.

Well placed permit

AR94PY is located in a major gas production zone offshore Italy that is an extension of the Po Valley Basin.

Aiding in any exploration efforts is the shallow water depths of up to 35 metres while development will benefit from its proximity to the offshore production facility at ENI’s adjacent Pandora gas field.

Beside Carola and Irma, the permit also contains the Adele, Azzurra and Ginevra gas discoveries.



Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Fri, 20 Jul 2012 06:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/38288/po-valley-energy-secures-italian-offshore-gas-permit-45775.html
<![CDATA[News - Po Valley Energy makes new appointments to its board ]]> https://www.proactiveinvestors.co.uk/companies/news/161108/po-valley-energy-makes-new-appointments-to-its-board-30265.html Po Valley Energy (ASX: PVE) has made a number of appointments to its board including the appointment of its chief executive officer Giovanni Catalano as its managing director.

It also appointed former HGL LIMITED (ASX: HNG) chief executive Kevin Eley as a non-executive director.

Eley headed HGL for 25 years until his retirement in 2011. He has a management and investment experience in a broad range of industries including, manufacturing, mining, retail and financial services.

He also has extensive experience in directing early stage companies and public company governance.

Elley will also bring his knowledge as a Chartered Accountant and a Fellow of the Financial Services Institute of Australasia to Po Valley’s Audit & Risk Committee.

He is currently a non-executive director of HGL, Kresta Holdings Limited (ASX:KRS), Milton Corporation Limited (ASX:MLT) and Equity Trustees Limited (ASX:EQT).

Giovanni Catalano has been Po Valley’s chief executive since late 2010 and has been a director of its wholly owned Italian subsidiary NorthSun Italia since that time.

He has over 30 years’ experience in oil and gas exploration and development.

Catalano was previously the chief executive officer of Mediterranean Oil & Gas after serving as Woodside Energy’s (ASX:WPL) Business Development Manager Far East and North Africa.

Prior to Woodside, he was posted worldwide with AGIP and LASMO International.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Tue, 19 Jun 2012 09:30:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/161108/po-valley-energy-makes-new-appointments-to-its-board-30265.html
<![CDATA[News - Po Valley doubles contingent resources in Italy, commits to unlocking potential ]]> https://www.proactiveinvestors.co.uk/companies/news/161107/po-valley-doubles-contingent-resources-in-italy-commits-to-unlocking-potential-27711.html Po Valley Energy (ASX: PVE) has more than doubled its best estimate (2C) contingent resources to 44.1 billion cubic feet (Bcf) of gas from 2010 due to upgraded estimates of its newer prospects in Italy.

The estimate by independent experts Fugro Robertson also estimated the Bagnolo and Ravizza onshore discoveries held 2C contingent resources of 10 million barrels of oil.

However, proved and probable reserves were down to 8.9Bcf of gas from 11.8Bcf in 2010 due in part to the 1Bcf of gas produced in 2011 and the expected decrease in reserves at the Castello field.

The company said it was committed to unlocking its upside potential through the rigorous application of exploration and production industry best practice.

The onshore Canolo and Zini prospects as well as the offshore Carola and Irma prospects were largely responsible for the increase in contingent resources.

Po Valley had previously completed drilling planning for Canolo and Zini and had said it was close to finalising environmental studies.

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Tue, 17 Apr 2012 10:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/161107/po-valley-doubles-contingent-resources-in-italy-commits-to-unlocking-potential-27711.html
<![CDATA[News - Po Valley Energy keeping Castello flow in Italy stable, installing condensate equipment at Sillaro ]]> https://www.proactiveinvestors.co.uk/companies/news/161106/po-valley-energy-keeping-castello-flow-in-italy-stable-installing-condensate-equipment-at-sillaro-25942.html Po Valley Energy (ASX:PVE) is producing gas at a stabilised rate of 600,000 cubic feet per day from its Vitalba1dirA well at its Castello field in northern Italy.

Production from the field started in December 2009 but experienced faster than expected decline in wellhead pressures in April 2010 that resulted in production dropping to a trickle.

The decision was then made to drill Vitalba1dirA to access the remaining attic gas at the field, which are estimated at about 3.6 billion cubic feet of gas (proved and probable).

Po Valley is also installing condensate processing equipment at its Sillaro-1 well at the Sillaro field before it reopens level PL2 C1+C2, which is believed to be the source of condensate production.

Condensates had started flowing at increasing rates with colder winter temperatures and had led the company to stop production for four days to remove excess condensate and shut-in the PL2 C1+C2 level.

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Fri, 02 Mar 2012 13:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/161106/po-valley-energy-keeping-castello-flow-in-italy-stable-installing-condensate-equipment-at-sillaro-25942.html
<![CDATA[News - Po Valley Energy moves closer to flow test Vitalba-1dirA gas well in Italy ]]> https://www.proactiveinvestors.co.uk/companies/news/161105/po-valley-energy-moves-closer-to-flow-test-vitalba-1dira-gas-well-in-italy-23065.html Italian oil and gas producer Po Valley Energy (ASX: PVE) will case and complete its Vitalba-1DirA gas well, located 20 kilometres from Milan in Northern Italy, following evaluation of log results.

Po Valley drilled the well to a total measured depth of 1,730 metres (1,524 metres total vertical depth) and is aiming to increase gas production before year-end to further boost revenue growth and cash flow in 2012.

Interpretation of log runs identified one gas bearing zone in the primary target area of the Pliocene SAN A2 level.

The Pliocene SAN A2 sand shows a vertical pay of 4.2 metres above the gas water contact (GWC) from 1,441.9 metres vertical depth to the GWC at 1,446.1 metres vertical depth.

The company plans to carry out steps over the next week including liner running, perforation and completion with the aim of proceeding to flow test the well.

The company had production from both its Castello and Sillaro gas fields in the first half of 2011, producing a total of 15.5 million cubic metres of gas.

Po Valley delivered a maiden half year net profit of A$0.5 million (€367,010) - powered by the increased production and revenues from its gas fields in Northern Italy.

The Vitalba-1dirA well will be deviated from the current Castello plant location and connected to the existing Castello production plant.

Subject to drilling success at the Vitalba-1dirA well, the company plans to increase production from Castello, which produced 563 thousand cubic metres in the first half of the year.

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Tue, 06 Dec 2011 09:34:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/161105/po-valley-energy-moves-closer-to-flow-test-vitalba-1dira-gas-well-in-italy-23065.html
<![CDATA[News - Po Valley Energy drilling ahead at Vitalba1dirA gas well in Italy ]]> https://www.proactiveinvestors.co.uk/companies/news/161104/po-valley-energy-drilling-ahead-at-vitalba1dira-gas-well-in-italy-21797.html Italian oil and gas producer Po Valley Energy (ASX: PVE) has commenced drilling at the Vitalba1dirA well in the Cascina Castello concession, aiming to increase production before year-end to further boost revenue growth and cash flow in 2012.

Po Valley is planning to drill the well to a total depth of about 1,750 metres measured depth, which it expects to reach within 10 days.

The company had production from both its Castello and Sillaro gas fields in the first half of 2011, producing a total of 15.5 million cubic metres of gas.

Significantly, Po Valley delivered a maiden half year net profit of A$0.5 million (€367,010) - powered by the increased production and revenues from its gas fields in Northern Italy.

The Vitalba-1dirA well will be deviated from the current Castello plant location and connected to the existing Castello production plant.

Subject to drilling success at the Vitalba-1dirA well, the company plans to increase production from Castello, which produced 563 thousand cubic metres in the first half of the year.

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Wed, 09 Nov 2011 10:42:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/161104/po-valley-energy-drilling-ahead-at-vitalba1dira-gas-well-in-italy-21797.html
<![CDATA[News - Po Valley Energy nails maiden profit in turnaround from gas production ]]> https://www.proactiveinvestors.co.uk/companies/news/161103/po-valley-energy-nails-maiden-profit-in-turnaround-from-gas-production--19291.html Italian oil and gas producer and explorer Po Valley Energy (ASX: PVE) has achieved a sizeable feat delivering a maiden half year net profit of A$0.5 million (€367,010) - powered by increased production and revenues from its gas fields in Northern Italy.

Key metrics for the half year:

Revenue: €4.35 million (AUD 5.9m), previously €2.59 million (AUD 3.5m)
EBITDA: €2.26m (AUD 3.0m)
Net profit: €0.37 million (AUD 0.5m)
Cash and cash equivalents: €1.6m (AUD 2.2m), previously €1.0m (AUD 1.3m)

The Vitalba development well is on schedule, and the Sillaro gas field reserves have been confirmed.

The company has initiated a search for farm-out partners for a selected number of the company's assets, and has appointed Moyes & Co. as a global energy advisor.

Giovanni Catalano, chief executive officer, commented "In addition to the significant increase in production revenues, our exploration and development programs are also progressing.

"We start drilling our Vitalba-1dirA well in coming weeks and, if successful, we plan to restart production from the Castello before year-end to further boost revenue growth and cash flow in 2012."

Operating Review

During the half year, Po Valley had production from both the company's Castello and Sillaro gas fields and produced a total of 15.5 million cubic metres of gas.

Production continues from the Castello well at a low rate ahead of drilling the new Vitalba-1dirA well.

The planned Vitalba-1dirA well will be deviated from the current Castello plant location and connected to the existing Castello production plant.

The company said subject to drilling success, production is planned to increase in the second half of 2011.

The development plan was modified to incorporate the new well and submitted to the responsible Italian regulatory authorities, with the final authorisation issued in the 1st Quarter of 2011.

In the interim, Vitalba- 1 dir has been operating at limited rates and is currently producing at approximately 3,000 cubic metres per day.

Production from Castello during the half year amounted to 563 thousand cubic metres.

Sillaro produced 14.9 million cubic meters during the first six months of 2011 averaging approximately 83,000 cubic metres per day in accordance with the contracted gas rates for the 2010 – 2011 Gas Thermal Year.

As planned, Sillaro production was stopped for 3 days to record bottom hole pressure readings.

The results are encouraging with confirmation of the previously estimated reserves if not slightly higher.

Po Valley now plans to wait for the next run of pressure readings in about a year’s time before reviewing the reserve estimates.

 

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Tue, 06 Sep 2011 09:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/161103/po-valley-energy-nails-maiden-profit-in-turnaround-from-gas-production--19291.html