GreenRoc Accelerates their World Class Project to Production as Early as 2028. Watch the full video here.
I had the opportunity to ask a number of them to Sarah who I had almost an hour with on a one to one basis. Firstly, Sarah said that Saffron had only about 100 private investors on the share register. She acknowledged that communication hadn't been great but that this would change. PIs weren't offered warrants as part of the open offer due to "complexity". Sarah said that the intention was that PIs would be treated the same as the placees but they were unable to find a way to undertake the warrants exercise without adding to the cost and complexity. She acknowledged that PIs might not be pleased with this Next I asked about MMs exit, her response was that it was a mutual decision as there was little point in carrying on with a local European based exec team with MM based in Australia. Sarah again acknowledged the underperformance of the shareprice and lack of communication being considerations when deciding what the go-forward management team would look like I asked about Bezecca and the change in reserves due to the CPR. Sarah said that this was due to technical difficulties with the lower zones causing the competent person to re-evaluate the "on paper" reserves. She said that the management's views haven't changed and that she expects the reserves to move back to previous assessments once the well had been fully on line for a period of time Sarahs view was that the expanded Coro would look to build a 1 TCF portfolio of producing assets in relatively short order with a target over the medium term to have multiples of that I also spent some time with other members of the team including the Italian chap (can't remember his name- bald headed member of the exec team) who indicated that a sale of the italian assets couldn't be ruled out. The asset that PVE recently flow tested was about 2 years away from production and that a sale of that could also be considered prior to coming online. When I asked about Bezecca 2 and further development of Sillaro, the team were somewhat dismissive about timescales and further investment. The general view was that the existing assets will be made to look like tiddlers once the indonesian strategy began to be realised I challenged the new FD about the open offer and his response was the same as Sarah's. I spent a short amount of time with James Parsons who said that he would be spending "as much time as was necessary" to get the CORO strategy in place. The whole management team were very keen to be seen to be making an effort with the Saffron PIs. With Sarah at one stage disappearing off into the crowd to fetch another Saffron holder (who I think was this boards very own K3VMC) to introduce me. like some kind of blind date. I left the evening feeling positive about the Company's future as CORO energy, but the proof is in the pudding. I was told the strategy will unfold over the coming months, so I don't think we have too long to wait. Apologies that was
Legache, I've sent you a private message that may help
I hope so otherwise tonight's launch is going to be pretty light on detail
Am going too. Will report back assuming I haven't taken too much advantage of any free booze that may be available :-)
Browsing the Telegraph whilst eating my sandwiches.....and came across this..... The shutdown of the North Sea’s most important oil and gas pipeline system has been compounded by an explosion at a major gas processing facility in Austria, creating a perfect storm of disruption to gas supply across Europe. The Baumgarten explosion effectively obstructs the main entry point for Russian gas, which makes up a third of the continent’s overall supplies. This hit is most painful for Italy, where market prices have already more than doubled, prompting the country to declare a state of emergency to tackle its “serious” energy supply problem.
Positive log results have been announced by Australian ASX-listed natural gas company, Po Valley Energy Limited, from the drilling of its Podere Maiar 1dir (“PM1”) well in the Selva Gas Field in northern Italy’s Podere Gallina licence area. It will now be completed as a production well. PM1 was successfully drilled to a total depth of 1,330 metres in the Pliocene ahead of schedule and on budget. Downhole log results from Schlumberger confirm a gross gas pay of 53m. The top of the reservoir was encountered at 1,245m TVD (1,223m TVDSS), some 12m above the level of any previous production wells, including the nearby Selva 6 well. The two main sand levels show high resistivity in the logs, indicating in accordance with sonic, a gas-bearing reservoir. Po Valley (63%) and its joint venture partners, United Oil and Gas (20%) and Prospex Oil and Gas (17%), have agreed to proceed to case, perforate and complete the well and install downhole production equipment. Well completion is targeted to be completed mid this month with flow testing on a rigless basis planned for early January, 2018. Commenting on the results, PVE Chairman, Mr Michael Masterman, said “We are very pleased with these results from our first well Podere Maiar 1dir in the Selva gas field and will proceed to case and test the well.” Po Valley will continue to update the market on well progress, and further log result evaluation and testing.
Is anyone going to the Coro / Echo / Sound event tomorrow? If so would you be willing to provide some notes on here after the event? I'm hoping that we get an update tomorrow morning via RNS in anticipation of the event giving us more information on the deal. It seems like it's been a looooooong old wait already
Po Valley Energy Limited, the Australian ASX listed natural gas company, is pleased to confirm that it has successfully completed first casing run in hole and cementing of Podere Maiar-1 and drilling is ahead from 500m to target depth of 1,300m. Target depth is expected to be reached in approximately 6-8 days. The market will be updated in due course.
Is that a serious post?
Po Valley Energy has secured an additional partner to help fund a new drill program commencing this month on a large and historically proven onshore Italian gas field. Prospex Oil and Gas, listed on London's AIM market, will join existing PVE partner, United Oil and Gas, in farming into Po Valley's Podere Gallina licence containing the Selva natural gas field. A wholly-owned subsidiary of Prospex with energy interests in onshore Europe will earn a 17% interest in the licence in exchange for funding 34% of the cost of the completed Podere Maiar-1 well. In total, United and Prospex will cover 74% of the estimated completed well cost.
Here's an exchange with Stef from this morning Hello Stef Have Saffron decided not to issue quarterly updates any more? The last one was issued within 10 days of the end of the quarter? No sign of the latest one following the quarter completion at the end of September Additionally I note that in today's RNS, an average daily production figure was provided for Sillaro but not for Bezzecca. Why was this? Please address both points in your reply Thanks Mike ***** Hi Michael, Thanks for your email. The Company will announce a quarterly update as promised. Kind regards Stefania ***** Hello Stefania, thanks for the reply but you haven't addressed the second question? ***** That should be included in the quarterly update with production indications.
Should be due any day as the last one was released on the 10th of July.
I suspect there will be continued movement upwards over the next week in anticipation of the next quarterly update in a week or so's time
Someone has just bagged themselves �95,000 worth of saffron shares. I never thought I'd be writing that sentence....
Yes, early October for the Q3 update. Should show much improved figures thanks to almost a full quarter of Bezzecca producing from 2 zones
I emailed Stef chasing up a response to my question which I felt had gone unanswered last time around, and received the following. Regarding your questions, we said we would have added lever R and then will announce. As I mentioned, there will be a production update as part of quarterly report with more information on Bezzecca. I hope this help.
Whilst you have indeed provided the most helpful response to date, The company can't rely on helpful bulletin board members to speculate on possible answers to valid questions directed towards them or their representatives.
I've had a response from Stefania. As a recap, I asked why the language had changed between the RNSs on the 22nd May and 10th July relating to plans for Level R. **** Sorry for the delay in getting back to you. I have the email. We did update on Bezzecca 2 weeks ago. The company has quarterly production reports to update shareholders. Anything relevant will be announced before. Next report will update on plans for Sillaro and Bezzecca as well production. Kind regards **** Now it might be just me, but the response completely avoids even attempting to answer my question. So I've asked it again. I'll let you know if I get anything else.
Pretty fed up with the quality of IR for this company. I submitted a query via the contact form over a week ago asking for clarification on some RNS wording. The service level for a response was 1 business day and yet still nothing. I also sent a tweet to Stefania yesterday when I know she was actively using Twitter herself as she was posting but that has also been ignored. I may not have the purchasing power of an institutional investor but with well over 1% of the company sitting in my SIPP I expect better from someone whose entire reason for being is investor relations.
Yes, no reply. her website suggests a response could be expected within a working day, but nothing so far.