Po Valley Energy Limited · ASX:PVE
Po Valley Energy — Shareholder Meeting (May 2013)
21 slides from Po Valley Energy's shareholder meeting presentation, May 24, 2013
Slide 1: Annual General Meeting 24 May 2013
For personal use only Italy based gas producer with operating cashflow and a portfolio of attractive Oil & Gas projects Annual General Meeting 24 May 2013
Slide 2: Disclaimer
Disclaimer This presentation is for informational purpose only and should not be considered as an invitation or recommendation to purchase securities in Po For personal use only Valley Energy Limited. This presentation may contain forward looking statements that are subject to risk factors associate
Slide 3: 2012 at a Glance
2012 at a Glance… For personal use only PRODUCTION 24.7 million cubic metres (0.85 bcf) total gas production ~66,000 cubic metres (2.3 million cubic feet) average daily gas production Annual average gas price €cent/scm 33.46 (11.76 AUD/mscf). From October 2012 gas sold on spot market via InTrading 4
Slide 4: 2013 So Far
…2013 So Far For personal use only Sillaro upgrading with 3 phase separator carried out Gradizza well civil work well advanced Farmout agreement with Petrorep (15%) and Aleanna (10%) for La Prospera exploration permit New funding facility with Nedbank to replace Lloyds 5 years Reserve Based Lending
Slide 5: 2012 Operational Performance
2012 Operational Performance For personal use only PRODUCTION RESERVES & RESOURCES 1.20 RESERVES: RESERVES = 2.1 MBoe RESOURCES = 58.8 MBoe 1.02 1.00 1.00 2.1 RESOURCES: 0.85 2011 2012 MBoe Billion Cubic Feet 0.80 0.68 0.60 2P (Proved + Probable Reserves) 0.40 23.8 MBoe 0.18 35 2C Contingent Resourc
Slide 6: 2012 Financial Headlines
2012 Financial Headlines For personal use only RESULTS 2012 Vs 2011 €m 10.0 9.1 8.2 8.0 6.0 4.4 4.5 4.3 3.7 4.0 3.3 2.3 2.4 1.9 2.0 1.2 2011 0.0 2012 -2.0 -4.0 -2.8 -4.1 -6.0 -5.1 Revenue EBITDA Operating Capital Net debt Cash at bank Consolidated cashflow expenditure after tax profit PVE at a Glanc
Slide 7: Company Portfolio
Company Portfolio For personal use only Balanced portfolio of “low risk” assets Overall area: 2,000km2 4 assets drilled - 4 commercial gas discoveries Producing gas Development gas fields projects Production: 2.3 MScf/day Contingent Resources: Reserves: 2P of 8.1 bcf* 2P of 4.2 bcf* 2C of 2.1 bcf* O
Slide 8: 2012 Achievements - 2013 Work Program
2012 Achievements - 2013 Work Program For personal use only CASTELLO Maintain Vitalba on stream at GRADIZZA-1 ~17,500 Scm/day Grant drilling approval Finalise well location for West Vitalba Farmout prospect Preparation for drilling 1Q 2013 BEZZECCA Drill Prel. prod. concession award SANT’ALBERTO SIL
Slide 9: Production Activity
Production Activity For personal use only CASTELLO Production started in December 2009 New Vitalba1dirA successfully drilled completed and connected to the existing production plant in November 2011 Production restarted in February 2012 at 17,000 Scm/day (0.6 MScf/d) Total 2012 production 5.3 millio
Slide 10: Development Activity
Development Activity BEZZECCA Located in the Cascina San Pietro permit (near Milan) For personal use only BEZZECCA-1 PROJ 400M Bezzecca-1 well drilled, tested (total 3.9 MScf/day) and completed on 3 levels Preliminary Production Concession awarded in September 2012 EIA approval imminent Phased devel
Slide 11: Drilling Activity
Drilling Activity For personal use only GRADIZZA La Prospera exploration permit (near Bologna) Target depth 1,000 m Drilling appproval awarded by the Ministry in Jan 2013 Civil works well advanced Spud-in expected around the end of June 2013 Prospective Resources (unrisked) - best estimate* 9.0 bcf
Slide 12: New Projects Onshore
New Projects Onshore For personal use only SELVA STRATIGRAPHIC G&G work carried out in 2012 to assess the Selva gas field (84 bcf) residual potential New low risk prospect identified and named Selva Stratigraphic Planned a purchase of further existing seisimc and wells data for additional potential
Slide 13: New Projects Offshore: Teodorico (AR94PY)
New Projects Offshore: Teodorico (AR94PY) Northern Adriatic sea: offshore extension of Po Valley For personal use only Major gas production zone in Italy 2 previously drilled and tested gas discoveries by ENI: Carola & Irma. Shallow water depth ~ 30/35m Exploration licence awarded in July 2012: Caro
Slide 14: Oil Discoveries
Oil Discoveries BAGNOLO IN PIANO (Cadelbosco Di Sopra) - RAVIZZA (Grattasasso) For personal use only BAGNOLO IN PIANO Discoveries drilled between 1970 and 1982 “Deep” lower Cretaceous fractured limestone play Commercial proven oil targets 3 wells drilled & tested oil (19.7°API, 200bbls/day ) Bagnolo
Slide 15: Po Valley Energy Reserves & Resources
Po Valley Energy Reserves & Resources Contingent Resources Prospective Resources Licence Project Reserves Gas, BCF Gas, BCF The table summarises the status of the Company’s Reserves & For personal use only Resources, independently evaluated by the geological and 1P 2P 3P 1C 2C 3C Low Best High petro
Slide 16: Contacts
PVE For personal use only CONTACTS: Giovanni Catalano Chief Executive Officer & Managing Director ROME OFFICE Via Ludovisi 16 +39 06 4201 62 75 Rome Italy 00187 TEL +39 06 4201 4968 FAX +39 06 4890 5824 www.povalley.com info@povalley.com REGISTERED OFFICE Level 28, 140 St George's Terrace Perth WA 6
Slide 17: Appendix
Appendix For personal use only Italy based gas producer with operating cashflow and a portfolio of attractive Oil & Gas projects Annual General Meeting 24 May 2013
Slide 18: Board of Directors
Board of Directors For personal use only Mr Graham joined PVE as a director Mr Giovanni joined the Company as COO in Graham and Chairman in September 2004 Giovanni July 2010 , appointed CEO in October Bradley and is based in Sydney. He is Catalano 2010 and Managing Director in June 2012. Chairman cu
Slide 19: Management Team
Management Team For personal use only Sara joined the company in July 2010: she is fluent in Italian, and for the Mrs Sara Edmonson past five years worked both in Italy and internationally for Ernst & Young Chief Financial Officer Transaction Advisory Services. Giorgio has 31 years experience with E
Slide 20: Italian Gas Market
Italian Gas Market For personal use only 3rd largest European gas market – population of 60 million Highly import dependent - (90% gas, 85% oil) More than 60 E&P companies present including majors ENI, Shell, Total, Exxon, BG Annual production: Oil ~ 35 mmbbls - Gas ~ 2.8 tcf 118 Onshore and 66 Offs
Slide 21: HSE High Standards
HSE High Standards 7 YEARS OF HEALTH, SAFETY AND ENVIRONMENTAL STATS For personal use only TOTAL MAN-HOURS PER OPERATION TOTAL MAN-HOURS PER OPERATION 2005/2012 2012 LTIF= n.injuries* 1.000.000 n.manhours Lost Time Injuries Frequency LTIG= n.losthours* 1.000.000 n.manhours Lost Time Injuries Gravity