August 3, 2012
Po Valley Energy Ltd. (ASX: PVE), the Northern Italy focused oil and gas
E&P company announces its half year results for the six months
ended 30 June 2012.
The Company continued to perform well during the first 6 months of the
year. Cashflow from operations was €4.1 million (up 87% compared to same
half last year), EBITDA was €2.6 million (up 17%) and net profit after
tax was €0.3 million (down 17%); mainly due to the increase in
depreciation from the Castello gas field since restarting production in
February. The Company ended the period with cash at bank of €2.0
million. Borrowings were unchanged at €6.0 million.
|Net Profit after Tax
|Earnings per share (€cents)
|Cashflow from operations
- Production restarted at the Castello field in February, with total
Company production for the six months at 12.3 million standard cubic
metres (434 million cubic feet).
- Plans are well advanced to install the condensate separator in order
to bring the field back to full production of 77,500 standard cubic
metres per day. The field continues to produce at reduced rates and is
successfully managing the marginal condensate production. At the end of
July the field was producing stably at 52,000 standard cubic metres per
- Total production for the second half is expected to be slightly
lower than the first half due to the reduced production rate, and a
short shutdown to allow for separator installation at the SIllaro field.
- Reserves and Resources were certified by the independent auditors Fugro Robertson, confirming inter alia Sillaro reserves and confirming the significant upside value of the Company’s portfolio.
- First offshore exploration permit - AR94PY (previously AR168PY) was
awarded in July. Located in the shallow waters of the Adriatic Sea the
permit contains two connected gas discoveries, Carola and Irma (best
estimate Contingent Resources 2C of 24.8 bcf).
- Joint Venture with Petrorep Italiana for a farm-in agreement on the
Cadelbosco di Sopra exploration licence and an option agreement on La
Prospera exploration licence was signed.
Commenting on the results Giovanni Catalano, Managing Director of
Po Valley, said: “We have made solid progress in the first half of the
year with our exploration and development programmes progressing
steadily and have continued to strengthen our asset portfolio through
the award of our first offshore licence - AR94PY, the farm-out to
Petrorep and the preliminary award of a new onshore oil play — Torre
Po Valley Energy
+39 06 4201 62 75
About Po Valley Energy
The Po Valley region is the main gas production zone in Italy. Po Valley
Energy (ASX: PVE) is an oil and gas producer and exploration company
listed on the Australian Stock Exchange. It has an expanding portfolio
of hydrocarbon assets in northern Italy. Po Valley holds 11 license
areas, encompassing 2,000 square kilometres and owns and operates two
gas treatment plants, Silllaro and Castello which provide the Company
with steady cash flow.
For more information please visit: http://www.povalley.com
Competent Person’s Statement
Information in this report that relates to Hydrocarbon Reserves and or
Resources is based on information compiled by Mr. Giovanni Catalano, MD
& CEO of Po Valley Energy who have consented to the inclusion of
that information in the form and context in which it appears. Mr
Catalano has over 30 years experience in Exploration and Development in
the Oil and Gas Industry. He is a member of SEAPEX and AAPG and holds a
master degree in Geology from the University of Ferrara, Italy.
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