PVE--Po Valley Energy Ltd

[stolwyk]

Website:
http://www.povalley.com/Index.html

Today: http://sa.iguana2.com/cache/adf7d793...PVE-318107.pdf

Extract:
“Results from these tests provide the Company with a commercial advantage over the most producing gas fields,” Po Valley’s Chief Executive Officer, Mr Michael Masterman, said today.
“This is very pure, clean dry gas and as such, can be delivered to the nearby pipeline grid with very limited surface plant requirements, keeping the next stage of capital development costs to a minimum,” Mr Masterman said.

“This is the strategic advantage of focusing in exploration and development in Northern Italy – when you find gas it is almost pure market ready methane and the market is next door”

Gerry
Holds PVE , bought for $A1.59 on 9/3.
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.

[stolwyk]

Cashflow quarterly, 31 March:
http://sa.iguana2.com/cache/a0155f5b...PVE-321013.pdf

Outflow: 5.135 mill of which 4.98 mill was exploration
Cash holding: 5.380 mill


Activities Report:
http://sa.iguana2.com/cache/775a48cd...PVE-321011.pdf

KEY DEVELOPMENTS – GAS PROJECTS – NORTHERN ITALY
Sillaro
· 26% increase in Total reserves
· Good conversion of Probable reserves to Proven - 10.4bcf
· High quality dry gas quality confirmed
· Geological review complete
· Discussions on Pipeline Grid connection underway
· Preparation of Production Concession well advanced Vitalba
· 28% increase in Proven reserves
· Positive flow test on levels San 1 and San 2 of 2.8m cubic feet per day
· High quality dry gas quality confirmed Santa Maddalena
· Production concession application complete and ready for submission
Market Conditions
· Italian market gas prices continue to remain strong
· Cash at Bank 31 March 2006 – AUD5.38m

March Quarter 2006 Activities Report
Po Valley Energy (“PVE”) consolidated its position during the March Quarter,completing key geological work on the successful development fields, Sillaro and Vitalba, confirming upgrades in reserves and moving key projects forward towards first gas production in 2007.
Sillaro - east of Bologna

The major priority for Po Valley is to progress Sillaro to commercial gas sales.
Following successful tests late in December, 2005, the Sillaro geological model has been updated and reserves upgraded. As part of this work, well location for a second Pliocene well and a possible third Miocene well have been identified and well design has been progressed.
Tests of gas samples confirm that the Sillaro gas is of very high quality.

Work has begun on the production concession application to convert the licence from an exploration licence to a production licence. The final stage of this work including surface plant engineering and pipeline grid connection is underway, as is the environmental approval application.

Vitalba – east of Milan
Vitalba tested positive for gas flows in the San A1 and San A2 levels in January 2006.
Well test reports have been conducted on the results. Tests of the gas samples also confirmed dry high quality gas.
Work has commenced on the production concession application.

Santa Maddalena – north of Bologna
Joint Venture partner and operator, Edison Gas has completed the production concession application and the environmental approval documentation. The company expects Edison Gas to lodge this approval documentation shortly.

New Development Projects — Bezzecca 1 (aka Pandino) – southeast of Milan.
Design of the drilling program for Bezzecca 1 is underway, with the well location identified and orders placed for long lead equipment including casing and tubing.

Italian Gas Market
Prices in the Italian gas market have continued to remain strong in the March Quarter, accelerated by the tightening market conditions and rising oil prices.

Corporate
Cash at bank at the end of the December quarter was AUD5.38m

MICHAEL MASTERMAN
Chief Executive Officer

Website: http://www.povalley.com/Index.html

[stolwyk]

Second Quarter Activities Report

http://sa.iguana2.com/cache/9cf58670...PVE-329856.pdf

Extract:
KEY DEVELOPMENTS – GAS PROJECTS – NORTHERN ITALY
Sillaro
• Production concession application submitted
• Drilling programs complete for Sillaro 2 Production well
• New well Fantuzza 1 planned for deeper Miocene structure
• Procurement of casings, tubing, and well equipment underway

Vitalba
• Production concession application prepared – to be submitted August

Santa Maddalena
• Production concession application submitted
• Joint Venture acquires seismic to pursue and evaluate field expansion options

New licence applications
• 8 new licence applications submitted
• The 3 highest priority areas – La Prospera, La Risorta, and Opera – are uncontested
• Italian Hydrocarbon Commission met on July 14 to assess 7 of the applications

Market Conditions
• Italian market gas prices continue to rise strongly
• Cash at Bank 30 June 2006 – AUD2.77m


30 OCT: Increases Italian Energy Interests
http://sa.iguana2.com/cache/d673d5cc...PVE-339635.pdf

[stolwyk]

ASX / MEDIA RELEASE
14 November 2006
PIPELINE CONNECTION FOR
PO VALLEY’S FIRST GAS PRODUCTION WELL

ASX-listed Po Valley Energy Limited has secured agreement on its maiden pipeline connection with the national Italian gas pipeline operator.
Italian national pipeline contractor, SNAM Rete Gas, will allow Po Valley to connect its Sillaro gas field east of Bologna into the national Italian gas grid over a short 300 metre connection, ahead of planned initial supply deliveries next year.
The grid distance is much closer than anticipated by Po Valley, reducing construction times and capital costs for commercialising Sillaro’s first outputs.

“Sillaro will connect into the two existing medium pressure gas lines 300 metres from the wellhead,” Po Valley’s Chief Executive Officer, Mr Michael Masterman, said today.
“As SNAM plans to upgrade one of these lines from medium pressure to high pressure within two years, that will provide Po Valley with further injection and production options for Sillaro and other nearby projects,” Mr Masterman said.

The estimated cost of the Sillaro connection line is A$230,000. Following construction, Po Valley intends entering into a transportation contract with SNAM similar to that provided for under SNAMs regulatory framework.
“Agreement on pipeline connection points is an important step forward for Po Valley,” Mr Masterman said.
“As well as cost and time advantages, the closer connection distance also ensures simpler regulatory approvals as a smaller number of landowners are involved,” he said.

“Being able to connect to a national pipeline grid less than 500 metres away is a major competitive advantage of holding natural gas fields in northern Italy, giving entry to one of the most lucrative gas markets in the world”.
“For most gas producers, transportation and high capital costs become major issues after a discovery. In our case, the pipeline grid is literally at our farm gate.”

Po Valley also announced today it had signed an Engineering, procurement, Construction and Installation contract (“EPCI contract”) for Sillaro and Castello (aka Vitalba) gasfields with Orion Energy International (“Orion”).
Under the contract, Orion will manage procurement and installation of surface plant equipment and pipeline connections for the Sillaro and Castello surface plant.
“Orion has a specialist team of Italian oil and gas engineers which will drive forward the surface plant equipment procurement and construction for our new gasfields. Commencing this work now ensures Po Valley can move quickly forward with development once regulatory approvals are in place.”

The Australian gas explorer recently announced a A$5.85 million placement with US investor, Harbinger Management Corporation and Australian investor, Hunter Hall Investment Management, to progress the current production schedule and evaluate five new Italian gas licences awarded to Po Valley exclusively.

http://sa.iguana2.com/cache/a5c64e38...PVE-341801.pdf

[kura]

I used to have an interest in this company, but sold out back when price was about $1 mark for a small profit, may take a closer look now they are going to get some cash flowing in.

NB: The "E" in name stands for Energy, not Electricity

[miner]

Just curious Gerry as to why you just edited a post from the 28/03/06 ???.

Cheers
Miner

[stolwyk]

Thanks Kura; changed the name.

Gerry

[kura]

Po Valley Energy can thank Putin
Nigel Wilson, Energy writer
December 29, 2006

THE management of listed Perth exploration and production company Po Valley Energy has been raising a celebratory glass or two to Russian President Vladimir Putin.
Just a year ago, Russia disrupted gas supplies to Europe in a bid to raise prices received by state-owned Gazprom.
That action forced Europe to look more closely at its own gas reserves and how they might be exploited, and that means a more secure future for Po Valley Energy.

Even this week, Belarus threatened to suspend gas supplies to Europe unless it secured a higher price from Gazprom, sending more shivers through Europe which relies on Russia and the former Soviet states for about 25percent of its natural gas supplies.

Po Valley Energy was established in 2002 "to acquire, explore hydrocarbon prospects in the Po Valley hydrocarbon province in northern Italy".

The concept came from a man famous in the Australian oil and gas sector, Dave McDonald, one of the original promoters of the North West Shelf gas project. In a later existence, Mr McDonald headed the European operations of the British-based LASMO exploration and production operation (now a subsidiary of Italy's ENI), and became aware of the Po Valley hydrocarbon province between the Alps and the Apennines which was effectively under the control of ENI, then an Italian government monopoly.

According to Po Valley Energy chief executive Michael Masterman, ENI had not been keen to exploit the small gas pockets in the Po Valley, in the heart of Italy's industrial region.

"Fields of around 25 to 50 billion cubic feet are just not interesting to the majors, but they are just the right size for us," Mr Masterman said yesterday during a brief return to Perth.

Mr Masterman, who was CFO for the Anaconda nickel project when Andrew Forrest was involved, now spends much of his time in Italy. The key to the Po Valley gas reserves, he said, was that they lie directly below a 2.7 trillion cubic feet gas market.

"We can put down a well for, say, $4 million and have it in production for a further $2.5million and we are supplying methane into the gas distribution system with less than 50 metres of connecting piping," he said.

Mr Masterman noted that prices being received for Po Valley gas were three to four times those being paid to domestic producers in Australia.

Since it was floated in 2004, Po Valley Energy has had a 100 per cent success rate, with three out of three gas fields successfully drilled and tested.

And, courtesy of Mr Putin, Italian gas prices have increased 54 per cent since the IPO.

That means, according to Mr Masterman, that Po Valley Energy will be cash positive by the end of 2007 and ready to tackle bigger prospects that could help ease Europe's energy fears into the future.

[ScrappyO]

Its been a while since anyone has posted on this thread. Sp has been smashed over the last few months.

This report done in april has a target price of $2.04 currently $.415 http://www.povalley.com/i/pdf/PVE_16Apr10.pdf
website http://www.povalley.com/s/Home.asp
Looks an interesting prospect.

Disc HOLD DYOR

[ScrappyO]

Chart of PVE