We need a "very long term buy" for this one.According to the...

We need a "very long term buy" for this one.

According to the last "three year plan", four exploration wells are expected to be drilled this year, Bezzeca is expect to come on line at the end of this year, and San Alberto will start production early in 2013.

The problem with this is that, going by past delays, the Bezzeca spur line won't be ready till well into 2013 (and the reserves and production rates there aren't anything to get that excited about), San Alberto (the best candidate for "the next Sillaro") won't be going till 2014, and some of the exploration wells (e.g. Fantuzza) are dependent on farm-outs which aren't happening.

PVE still seems undervalued on current production and reserves, but there doesn't look like being any driver for that changing in the near future. There's always the possibility of some kind of positive black swan - a decision that one of those oil targets is a goer maybe - but there's always the possibility of unexpected negative events too.