Po Valley Energy Limited · ASX:PVE
Po Valley Energy — Shareholder Meeting (May 2019)
22 slides from Po Valley Energy's shareholder meeting presentation, May 30, 2019
Slide 1: AGM Investor Presentation
For personal use only AGM INVESTOR PRESENTATION 30 May 2019
Slide 2: Contents
Contents For personal use only 1. Summary 2. Why Italy? 3. Selva: Low Cost Large Scale Onshore Gas Developments 4. Teodorico: Large Low Cost offshore Gas Developments 5. Bagnolo/Ravizza: Large Proven Oil Discovery 6. Torre del Moro: Large Scale Gas Condensate gas exploration 7. Why Invest? 2
Slide 3: Four Assets: Gas Development & Large Scale Oil Exploration
Four Assets: Gas Development & Large Scale Oil Exploration Selva For personal use only 2P 13.4 Bcf Daily prod 3.5 MMcfd - Development ready GAS2C 14.1 Bcf EBITDA c. €7.5 MM p.a. - €2.3MM in Capex Best 57.5 Bcf 2P 36.6 Bcf Teodorico 2C 10.6 Bcf Daily prod 9.5 MMcfd EBITDA c. €15.5 MM p.a. GASBest 15.
Slide 4: Italian Oil & Gas Market Overview
Italian Oil & Gas Market Overview Italy is Europe’s 3rd largest market for natural gas, and has a favourable tax and For personal use only concessionary system for domestic production Natural Gas Consumption (Bcf/d) Overview Germany 8.7 − Italy has one of the most progressed oil & gas markets in Uni
Slide 5: Favourable Market Dynamics
Favourable Market Dynamics 92% of Italian gas Norway For personal use only consumption needs to be imported 2.6 Russia Gas Consumption (Bcf) 27.7 Domestic Netherlands 204, production 8% 4.9 Total Geopolitical 2,550 disruption, a key risk to supply 2345, 92% Imports €0.20 – 0.22 / scm Qatar (US$6.8 –
Slide 6: Well-Established Hydrocarbon Province
Well-Established Hydrocarbon Province Italy is one of the most developed oil & gas markets in Europe, supported by large For personal use only hydrocarbon provinces Gas Oil Selva Torre Del Villafortuna Teodorico Trecate Moro PO PO PLAIN PLAIN Agostino- Bagnolo / Ravizza Caviaga P.Garibaldi Settala E
Slide 7: Selva - Large Scale Low Cost Onshore Gas Development
Selva - Large Scale Low Cost Onshore Gas Development For personal use only 7
Slide 8: Selva - Overview
Selva - Overview Selva is a low capex, near term gas development project based on historic onshore For personal use only gas fields acquired from major operator Eni S.p.A Overview − Onshore gas development asset located in the eastern part of the Po Plain, Italy − 63%-owned by Po Valley (20% United
Slide 9: Selva - Development
Selva - Development Tie-in to 70bar SNAM pipeline 1,000 m away from Podere Maiar well site; For personal use only production tested up to 5.3 MMcf/day from C1 and C2 sand levels Overview − Successful well test in early 2018 Production Well demonstrated strong flow rates from C1 and C2 sands − First
Slide 10: Selva - bcf + Within Production Concession
Selva - 100 bcf + Within Production Concession Selva levels A+B (2C Contingent Resource: 8.9 Bcf) For personal use only • Stratigraphic pinch-out prospects proved viable by successful Podere Miair-1 well Podere Maiar • Level A and B sands in mid- (2P Reserve: 13.4 Bcf) pliocene reservoir • Initial d
Slide 11: Teodorico - Large Low Cost Offshore Gas Field Development
Teodorico - Large Low Cost Offshore Gas Field Development For personal use only 11
Slide 12: Teodorico - Overview
Teodorico - Overview Teodorico is Po Valley‘s largest scale asset, and is at an advanced stage of For personal use only assessment and is ready for development pending final approvals Overview − Offshore gas development asset located in the shallow waters of the Adriatic Sea (d 40 AC-PY), 30km south
Slide 13: Teodorico - Development
Teodorico - Development For personal use only Teodorico Tripod 12km tie line Italian National Pipeline to onshore Italy Naomi Pandora Grid 13
Slide 14: Torre Del Moro: Large Scale Condensate Exploration
Torre Del Moro: Large Scale Condensate Exploration Maiden Prospective Resource Estimate of 106 MMbbls recoverable from an For personal use only Original Oil-In-Place (OOIP) of 312 MMbbls Overview • 100% owned by PVO • Prospective Resource (Best) of 106 MMbbls from an OOIP of 312 MMbbls • Located in
Slide 15: Torre Del Moro: Analogous to Villafortuna
Torre Del Moro: Analogous to Villafortuna Analogous field geology to Eni S.p.A’s Villa Fortuna field (300MMboe already For personal use only produced) Location: 30 km West of Milan Discovery: 1984 Oil in Place (OOIP): 300MMbbl Production to date: 220MMbbls Cond 70 Bcf Gas Production: Initial rate 82
Slide 16: Significant Upside with Large Onshore Oil Prospects
Significant Upside with Large Onshore Oil Prospects Bagnolo For personal use only • 100% and 85% owned by PVO for oil and gas respectively • 2C Contingent Resource of 27.3 MMbbls • Prospective Resource (Best) of 54.5 MMbbls • Located in the Emilia Romagna region of Northern Italy • Anticline at Top
Slide 17: Core Management Team
Core Management Team Deep experience in discovering, developing and operating oil and gas projects in the Po Valley For personal use only − Po Valley management team based in Australia (corporate) and Italy (technical), with deep industry links in country with local operators Michael Masterman Giorg
Slide 18: Why Invest
Why Invest For personal use only 1 Balanced portfolio of near-term development and large prospects located in Northern Italy - 49.9 Bcf in 2P Reserve, development ready - 43.4 MMbbls in 2C Contingent Resource - 161 MMbbls in Bes Case Prospective Resource 63%-owned Selva onshore gas project represent
Slide 19: Appendix
For personal use only Appendix 19
Slide 20: Reserves, Resources and Prospects (Net)
Reserves, Resources and Prospects (Net) ASX Announcement 26 April 2019 Gas (net Bcf) Reserves Contingent Resources Prospective Resources For personal use only Licence Project 1P 2P 3P 1C 2C 3C Low Best High AR94PY Teodorico (out 12m zone) 26.7 36.6 47.5 Teodorico (in 12m zone) 7.4 10.6 14.0 PL3-C 7.
Slide 21: Portfolio Overview
Portfolio Overview Po Valley Energy has a well balanced oil & gas portfolio of near-term development projects and large prospects located in Northern Italy For personal use only Selva Onshore gas Development Large onshore oil discoveries − 63%-owned − 2P Reserves of 13.3 Bcf and 2C Resource of 14.1
Slide 22: Forward Looking Information
For personal use only The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of reserve, contingent resource and prospective resource estimates that all material assumptions and t