Po Valley Energy Limited · ASX:PVE
Po Valley Energy — Investor Presentation (June 2019)
21 slides from Po Valley Energy's investor presentation, Jun 25, 2019
Slide 1: Investor Presentation
INVESTOR PRESENTATION For personal use only June 2019
Slide 2: Important Notice
1 Important Notice For personal use only Disclaimer This presentation is for informational purpose only and should not be considered as an invitation or recommendation to purchase securities in Po Valley Energy Limited. This presentation may contain forward looking statements that are subject to ris
Slide 3: Contents
2 Contents For personal use only Overview 1 Why Italy? 2 Selva: Low Cost Large Scale Onshore Gas Developments 3 Teodorico: Large Low Cost Offshore Gas Developments 4 Bagnolo / Ravizza: Large Scale Proven Oil Discovery 5 Exploration Upside 6 Why Invest? 7
Slide 4: Company Snapshot
3 Company Snapshot For personal use only Po Valley Energy Limited (ASX:PVE) is an Italian focussed, oil & gas exploration and development company Company Overview Portfolio of Assets Current Market Cap (20 Jun ‘19) £17.7m A$32.3m Current shares on issue 621m Ticker ASX:PVE Website www.povalley.com S
Slide 5: The Team
4 The Team For personal use only The Po Valley team is based in Australia (corporate) and Italy (technical), with deep industry links in country with local operators Board Michael Masterman Kevin Bailey Chairman & Chief Executive Officer Non-executive Director • 30 years of experience in the natural
Slide 6: Four Assets: Gas Development & Large Scale Exploration Upside
5 Four Assets: Gas Development & Large Scale Exploration Upside For personal use only Development Stage Gross Unlocks 2P Reserves 13.4 Bcf Capex Daily prod 3.5 MMcfd 1 Gas Selva Onshore 2C Resources 14.1 Bcf €2.3MM (recoverable) EBITDA c. €7.7 MM p.a. 1 Best Prospect2 91.5 Bcf 2P Reserves 36.6 Bcf C
Slide 7: Italian Market Oil & Gas Overview
6 Italian Market Oil & Gas Overview For personal use only Italy is Europe’s 3rd largest market for natural gas, and has a favourable tax and concessionary system for domestic production Natural Gas Consumption (Bcf/d) Production Germany 8.7 • Italy is the 5th largest producer of oil in United Kingdo
Slide 8: Favourable Market Dynamics
7 Favourable Market Dynamics For personal use only 92% of Italian gas consumption needs to be imported Russia Gas Consumption (Bcf) Domestic production Imports 897 Bcf 203, 8% Total 2,470 2267, 92% Bottom quartile political stability in World Bank Governance Indicators 600 152 Favourable Bcf Bcf €0.
Slide 9: Selva - Overview
8 Selva - Overview For personal use only Selva is a €2.3MM natural gas development project based on historic onshore gas fields formerly operated by Eni Overview • Onshore gas development asset located in the eastern part of the Po Plain, Italy • 63%-owned by Po Valley (20% United Oil & Gas Plc, 17%
Slide 10: Selva – Located Among Large Discoveries
9 Selva – Located Among Large Discoveries For personal use only Minerbio Dosso Degli (gas) Angeli 80MMboe (gas) 200MMboe BOLOGNA Selva Malvezzi Spilamber to Podere Gallina (gas) RAVENNA 68MMboe Ravenna Terra Alfonsine (gas) (gas) 135MMboe 52MMboe Torre Del Moro
Slide 11: Selva - Development
10 Selva - Development For personal use only Tie-in to pipeline 1,000 m away from Podere Maiar well site; production tested up to 5.0 MMcf/day from C1 and C2 sand levels Overview • Successful well test in early 2018 demonstrated strong flow rates from C1 and C2 sands • First step: Install skid mount
Slide 12: Selva – 100Bcf within Production Concession
11 100 Bcf++All Selva – 100Bcf within Production Within Concession Production Concession For personal use only Selva levels A+B prospects (2C Contingent Resource: 14,1 Bcf gross) Podere Maiar • Stratigraphic pinch-out prospects (2P Reserve: 13.4 Bcf gross) proved viable by successful Podere • Develo
Slide 13: Teodorico - Overview
12 Teodorico - Overview For personal use only Teodorico is Po Valley‘s largest scale asset and is ready for development pending final approvals Overview • Offshore gas development asset located in the shallow waters of the Adriatic Sea (d40 AC PY), 30km south-east of Venice − 100%-owned by Po Valley
Slide 14: Teodorico – Located Among Large Discoveries
13 Teodorico – Located Among Large Discoveries For personal use only Porto Garibaldi AR 94 PY (gas) 600MMboe d.40 AC-PY Porto Corsini (gas) 142MMboe Ravenna Mare (gas) 42MMboe Ravenna
Slide 15: Teodorico – Development and Funding Concept
14 Teodorico – Development and Funding Concept For personal use only Future Development Plan • Developed with 2 production wells in 30m water depth Naomi Pandora − Located 12 miles offshore from Ravenna • First production is expected to commence in 12km 2H 2022 pipeline Pipeline to • Competitive cap
Slide 16: Significant Upside with Large Onshore Oil Prospects
15 Significant Upside with Large Onshore Oil Prospects For personal use only Bagnolo Ravizza • 100% oil rights; 85% gas rights • 100% owned by PVO • 2C Contingent Resource of 27.3 MMbbls • 2C Contingent Resource of 16.1 MMbbls • Prospective Resource (Best) of 54.5 MMbbls • Located in the Emilia Roma
Slide 17: Torre Del Moro: Large Scale Oil and Condensate Exploration
16 Torre Del Moro: Large Scale Oil and Condensate Exploration For personal use only Maiden Prospective Resource Estimate of 106 MMbbls recoverable from an Original Oil- In-Place (OOIP) of 312 MMbbls Overview • 100% owned by PVO • Prospective Resource (Best) of 106 MMbbls from a mid- case OOIP assess
Slide 18: Villafortuna: Analogous to Torre Del Moro
17 Villafortuna: Analogous to Torre Del Moro For personal use only Analogous field geology to Eni S.p.A’s Villafortuna field (230MMbbls already produced) Villafortuna Location 30 km West of Milan Discovery 1984 Recoverable Reserves 290MMbbl Production to date 230MMbbls1 Production Peak 80,000 boepd
Slide 19: Proposed Development Schedule
18 Proposed Development Schedule For personal use only Executing on clear development path targeting first gas in Q4 2020 (Selva) and Q4 2021 (Teodorico) 2019 2020 2021 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Selva EIA approvals Preliminary Intesa approvals approval (Jan 2019) Production Concession approvals
Slide 20: Why Invest?
19 Why Invest? For personal use only 1 Balanced portfolio of near-term development and large prospects located in Northern Italy • 44.9 Bcf in net 2P Reserve, development ready • 43.4 MMbbls recoverable in 2C Contingent Resource • 160.5 MMbbls in Best Case Prospective Resource 63%-owned Selva onshor
Slide 21: Thank You
For personal use only Thank You