Po Valley Energy Limited · ASX:PVE
Po Valley Energy — Shareholder Meeting (May 2018)
23 slides from Po Valley Energy's shareholder meeting presentation, May 30, 2018
Slide 1: AGM Presentation 2018
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Slide 2: Company Overview
Company Overview Po Valley Energy Limited (PVE) is an Oil & Gas exploration and development company with a portfolio of hydrocarbon assets in northern Italy. Listed on the Australian Stock Exchange Selva Po Valley region, Northern Italy Ticker: ASX:PVE 2C 17 Bcf Market cap: AUD20m1 Onshore, low cost
Slide 3: Summary of Assets
Summary of Assets PVE has three large gas and oil assets - offshore Teodorico and onshore Selva gas developments, and the large Torre del Morro oil/gas condensate exploration play Development AR94PY (Teodorico) 2P 36.5 Bcf 2C 10.6 Bcf Podere Gallina (Selva) 2C 17.0 Bcf Exploration Torre Del Morro (m
Slide 4: Competitive Advantages
Competitive Advantages Natural gas 91% gas imported, development in leading to 10% premium gas price Northern Italy Favourable market High value, low cost gas Operating in the region portfolio since 1997 2P 36.5 Bcf 2C 21.3 Bcf Proven track record Deep managerial and Oil prospect technical capabilit
Slide 5: Capital Restructuring
Capital Restructuring Successfully spun off Coro Energy plc and distributed shares to PVE shareholders Ownership structure, post spin-off: PVE Shareholders Distributed 1 Coro share for every 5.94 PVE shares owned Selva Teodorico Torre d. Morro Sound Energy Northsun Italia Equity raising Resource 2C
Slide 6: PVE Team
PVE Team Daniele Marzorati Michael Masterman Engineering & Operations Chief Executive Officer ‒ 30 years’ experience with ‒ GM Fortescue Metals Group Italian based oil & gas ‒ CEO W Resources, CFO incumbents, ENI / Stogit Anaconda Nickel ‒ 8 years McKinsey & Company Pierpaolo Poncia Giorgio Bertuzzi
Slide 7: Italy – Favourable Market Dynamics
Italy – Favourable Market Dynamics 91% of Italian gas Norway consumption needs to be imported 2.6 Russia Gas Consumption (Bscm) 27.7 Exports Netherlands 6.1, 9% 4.9 Total Geopolitical 68.0 disruption, a key risk to supply 60.7, 91% Imports €0.20 – 0.22 / scm Qatar (AUD9.1 – 10.0 / Mcf) 7.6 7.1 5.7 F
Slide 8: Assets
Assets Teodorico Selva Torre Del Moro 7
Slide 9: Teodorico – Large scale offshore
Teodorico – Large scale offshore EXPLORATION PERMIT AREA: 506 sqkm PRODUCTION CONCESSION AREA: 108 sqkm SEISMIC DATA: 118 sqkm 3D purchased and reprocessed 8
Slide 10: Teodorico - Development Plan
Teodorico - Development Plan Development Plan Gas Production (MMscm) MMscm • 2 wells will be drilled from “Teodorico” 200 platform 150 100 • Three legs platform @ about 12 miles 50 offshore Ravenna; ~ 30 m water depth 0 2018 2022 2026 2030 2034 2038 • Gas production sent to Naomi–Pandora • First Gas
Slide 11: Teodorico Development
Teodorico Development Teodorico Tripod 12km tie line Italian National Pipeline to onshore Italy Naomi Pandora Grid 10
Slide 12: Assets
Assets Teodorico Selva Torre Del Moro 11
Slide 13: Drilling success at Selva
Drilling success at Selva 12
Slide 14: Drilling Podere Maiar 1dir
Drilling Podere Maiar 1dir 13
Slide 15: Selva Production Concession
Selva Production Concession 14
Slide 16: Selva Development
Selva Development Tie-in to 70bar SNAM pipeline 1,000 m away from Podere Maiar well site Pipeline (1000 mt) Production Well SNAM pipeline Tie-in 15
Slide 17: Selva - Development Plan
Selva - Development Plan Development Plan Gas Production (MMscm) MMscm • G&G work carried out in 2012 to assess the 50 Selva gas field residual potential 25 • Podere Maiar 1dir well (2017) resulted gas bearing in two pliocenic sandy layers 0 2018 2022 2026 2030 2034 2038 • Production concession «Sel
Slide 18: Assets
Assets Teodorico Selva Torre Del Moro 17
Slide 19: Large Hydrocarbon Provinces – holds the two largest oil fields in Europe
Large Hydrocarbon Provinces – holds the two largest oil fields in Europe Gas Oil Gradizza Bagnolo, Malossa Bezzecca, Ravizza Vitalba Sillaro, Selva, S.Alberto Villafortuna Trecate PO PLAIN Torre del Teodorico PO PLAIN Moro Agostino- Caviaga P.Garibaldi Settala Emma W Cavone Vallezza CENTRAL ADRIATIC
Slide 20: Torre del Moro
Torre del Moro Torre del moro licence is a 150 – 250m bbl oil prospect target • The “Torre del Moro” exploration licence (100% PVE) contain a Mesozoic carbonate structure (oil prospect) with strong analogy to ENI Villa Fortuna field (300m bbls) • 1 well drilled (Sarsina-1) with oil 15km distance in
Slide 21: Torre del Moro
Torre del Moro Proj.16km Villafortuna Analogous Structure Location: 30km west of Milan Discovery: 1984 Original Oil in Place: 300 million bbls Production to Date: 220 million bbls of condensate + 70bcf of gas “Torre del Moro” geological sketch Production: Initial Rate 82,000bbls/day Current Producti
Slide 22: Independent Valuation
Independent Valuation 21
Slide 23: Independent Expert Valuation
Independent Expert Valuation SRK Consulting’s Independent Specialist Report values the petroleum assets held by PVE at AUD 75.0m Low High Preferred Project Asset Type Method (AUD m) (AUD m) (AUD m) DCF – 2P Reserve 24.5 53.8 37.1 Teodorico Development Comparable transaction – 2C 7.2 21.6 14.6 Selva