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PVE, PO VALLEY ENERGY LIMITED
veeone
post Posted: Oct 5 2010, 07:27 AM
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PO Valley Energy CEO & MD Michael Masterman talks to Proactive Investors

http://www.proactiveinvestors.com.au/compa...tors-10475.html

 
salts
post Posted: Jun 1 2010, 10:35 AM
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pve on the move. Sillaro production might bring back some confidence in this little producer.

salts

 
flower
post Posted: Dec 21 2009, 03:18 PM
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Nice solid upwards move today--- 1.80 first target?
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Po Valley Energy (ASX: "PVE") has become Italy's newest gas producer with its first flows of gas into the country's energy grid commencing over the weekend. Po Valley said today that flows from the Company's wholly-owned Castello gas field east of Milan had built up to around 1.5 million cubic feet of gas per day after initial start-up late last week. Company Chief Executive Officer, Mr Michael Masterman said: "First gas has been a long while coming but we are pleased that the commissioning of the new plant has gone smoothly and Po Valley has already banked its first revenue. "Flows will be steadily increased to the planned operational level of 2.5 million cubic feet per day over the coming weeks", Mr Masterman said. "We are proud to be a pioneer in delivering new sources of secure domestic supplies to the Italian gas market, which is largely dependent on imported gas. Po Valley has been supported in this endeavour by the Italian Energy Ministry and, of course, by our patient shareholders," he said. "This milestone sets Po Valley on a course of being a substantially different company in 2010 as we make the transition from gas explorer and developer to gas producer. "We expect our production to double shortly as the Company remains on track to commence commissioning our second wholly-owned gas field, Sillaro, east of Bologna, early in 2010."



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Combining Fundamental comments with Fundamental charts.
 
veeone
post Posted: Apr 16 2009, 09:41 AM
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From Oilbarrel for those that follow Po.
April 15, 2009 Initial Gas Flows From Bezzecca-1 Look Promising For Po Valley Energy
Initial indications from Po Valley Energy’s Bezzecca-1 well in Italy look positive for the ASX-listed E&P, with positive gas flows reported from the deepest level. If confirmed through further testing, this looks to be a material find for the ASX firm, which has long been committed to the Italian gas market and is now within months of maiden gas production from its Castello and Sillaro fields.

During initial clean-up and testing of the deepest Miocene level, at a depth of 1,925 to 1,945 metres, the Bezzecca-1 well flowed 2.2 million cubic feet of gas per day. “The initial flows and pressure were stable with good pressure recovery, results which are above expectations from this level and which are very encouraging pointers for potential field development,” said chief executive Michael Masterman.
Bezzecca, which lies in the company’s 100 per cent owned Cascina San Pietro permit area east of Milan, was always considered a low risk target. Formerly called Pandino, the field was drilled in the 1950s by ENI and produced 5 billion cubic feet. It has multiple reservoir targets, including the Pliocene and shallower Miocene levels, which will also be tested by the E&P. If the find comes in as expected, then it could be five to ten times the size of the 6 bcf Castello field: that’s a material find when you consider it is onshore, close to existing infrastructure and located in a country where gas demand and prices remain robust.
Of course, as oilbarrel.com regulars will know, there is a big difference between finding reserves in this gas prone region of northern Italy and monetizing them. Po Valley Energy, named for the gas-rich basin where it has focused its efforts since its December 2004 IPO, has been on the cusp of first production from the Castello and Sillaro gas fields in the north of the country for a couple of years now, having discovered the accumulations in late 2005 and early 2006. But Italian bureaucracy moves slowly, with local gas prices having had time in the intervening years to surge and more recently retreat – and still the gas remains in the ground.
But that may be about to change. The ASX-listed company has now pre-sold the first three years of production from its flagship fields, with 50 per cent of initial output being bought by Elettrogas to supply and 50 per cent by Italtrading. This gives Po Valley initial forward sales of A$150 million over the next three years, effectively de-risking the early years of commissioning and production. Castello and Sillaro are now expected to be progressively commissioned from July this year, delivering long-awaited maiden production and revenues for the ASX firm. Castello, near Milan, carries a 2P reserves number of 6.3 billion cubic feet and has an estimated economic reserve life of around 10 to 12 years. It is expected to deliver initial production of 2.7 million cubic feet per day when it comes onstream in July. The production profile for the 14 bcf Sillaro gas field near Bologna could stretch for 20 years on known reserves. Initial offtake of 3.8 million cf/d is expected when it comes online in September or October. The company is also progressing the grant of a production concession for a third field, Sant’ Alberto in the 100 per cent owned San Vincenzo licence, which could be onstream in the second half of 2010.
Indeed, 2009 could see Po Valley Energy really start to motor in Italy, with two gas fields (Castello and Sillaro) onstream, a third (Sant’ Alberto) under development and a fourth (Bezzecca) confirmed as a commercial goer. And that is without drilling up any further exploration and appraisal targets in the portfolio, including the high impact Fantuzza-1 appraisal well, which will test a deeper Miocene reservoir under the Sillaro field towards the end of this year.




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PeterH
post Posted: Jan 6 2009, 02:21 PM
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In reply to: mercury on Monday 05/01/09 01:44pm

Small sales because they are tightly held Merc. I am holding mine tight. Like you I thought hard about topping up recently but, more fool me, stuck to the family policy of the day which is to keep the powder dry. smile.gif

 
access
post Posted: Jan 5 2009, 09:57 PM
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In reply to: mercury on Monday 05/01/09 01:44pm


Hi Mercury,

Good to see you (and your wife) are still hanging in their in spite of the constant delays.

2009 is going to be the turning year for PVE.

They have the Bezzecca (possibly 45 bcf of gas) and Fantuzza drilling to commence between now and the end of March.

The gas storage contract is also well overdue to be announced. PVE would have to have a good chance at picking that up.

With the Sillaro and Castello fields PVE is the first company, since deregulation of the Italian gas market, to get a well fully approved for production. It is just a pain about how long it has taken (4 years) but having set the procedure in place I don't think the others will take as long.

An interesting side comment on a radio broadcast for PVE last year was that Russian gas production is expected to go into decline in about 3-5 years time. Not only will that send the price of gas in Europe higher but it will happen at a time when PVE will be hitting its straps in Italy.

Shares are very tightly held (89% by top 20 shareholders) so when it moves it will run.

I'm looking forward to a prosperous future with PVE.

 


mercury
post Posted: Jan 5 2009, 01:44 PM
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Hope you have a few Veeone.
As you have been following this company , you would know that sales of shares has been very small, and it wouldn't take much to send them up. Those who sold out, probably were chartists, or people who wanted a faster buck.
I have held these (via the wife) for some years now, and feel too, that I could have used the money elsewhere. But they have been a solid stock until reciently when smal parcels pushed down the price. Thought long and hard about buying a few more, but did not due to the long lead time for actual production.
I don't expect the price to fall again as long as Russia plays games with LNG. Italy needs a steady supply, being a manufacturing country and being that Europeans use a lot of gas for home heating. wink.gif

Merc

 
veeone
post Posted: Jan 5 2009, 01:35 PM
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Po Valley secures first $80m gas offtake sale January 05, 2009
Article from: Australian Associated Press
PO Valley Energy has secured its first gas offtake sales agreement, for around $80 million, for production from its Italian gas fields.
The maiden offtake agreement is with gas, energy and renewables trading and wholesale company, Italtrading SpA.
Shares in Po Valley soared on the announcement, jumping 22.55 per cent to $1.25 in an Australian market up 1.14 per cent.
The terms of the agreement cover Po Valley’s initial commissioning period for its Castello gas field, near Milan, and its Sillaro field, near Bologna, then three years of full supply until late 2012.
The Perth-based company said Castello was expected to have an initial production rate of 2.7 million cubic feet a day, starting around mid-2009, and the Sillaro field is predicted to have an initial production rate of 3.8 million cubic feet per day, starting around September 2009.
Po Valley chief executive Michael Masterman said the agreement underscored the development and production upside in the company’s energy assets.
“The bidding for the output from these two fields was intense - with eleven bidders in the negotiation ring,” he said.
Mr Masterman said it was in the interests of Italian customers to have gas supply from inside Italy, given the uncertainty in the Western European gas supply situation created by the recent shut-off of Russian gas supply to the Ukraine.
“This in turn augurs well for the potential to more rapidly develop our other northern Italian energy assets, as development and connection costs are low, but tap into a high demand and competitive market,” he said.
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access
post Posted: Apr 24 2008, 10:48 PM
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Mercury,

I noticed your post re PVE on another company thread (NWE) and thought I would dust off the cobwebs from this thread (your's was the last post here in May '07) and point you in the direction of the company's ASX anouncement on the 23 April that related to shares held by ANZ/Opes.

Have a good read of page 2 in the form of a letter from Director, Byron Pirola addressed to Po Valley Energy.

He is involved with a private company, Beronia Investments P/L, which held 7.8 million shares in Po Valley that got caught up in the Opes fiasco.

If you have a read at the bottom of his letter it appears that Beronia and the ANZ are to have an agreed settlement 'in ten days time' in relation to this holding.

There is no mention if any additional money is changing hands or any details of the ageement.

This is the first settlement that I have seen by anyone to get their holding back.

It can only be positive for Po Valley and it's share price to have this holding not left in limbo.


On another note, it must be frustrating for management to be dealing with the slow pace of approvals etc. when dealing with the Italian bureaucracy. The latest report yesterday seems to indicate that first gas production has now extented from July to 'late 2008'.

I'm hoping that the Hydrocarbon Committee gets around to having a meeting soon. PVE have the application for the storage contract and some new lease applications before them. There is suppose to be a government web site that indicates when they meet next but I have not been able to locate it yet.





 
mercury
post Posted: May 21 2007, 08:33 PM
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In reply to: mercury on Thursday 13/07/06 01:14pm

on another thread I was informed that a cubid foot of gas is worth 10cents.
Therefore, 1billion cu ft is 100million dollars.
105billion cu ft x 100million $ is not conceivable to me.
Am I seeing numbers that are not true?

Mercury

 
 


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