They are more sanguine than I that Gradizza will have decent reserves (they think maybe 4bcf) but that "commerciality" (is that really a word?) is waiting on the test results.
They seem to think Bezzecca will be producing within months of approval, though I thought they had a pipeline to build first: "Bezzecca is in the last stage of the regulatory approval process, with approval expected in Q114 and production potentially within two to three months of approval"
They discuss Selva Stratigraphic as a 2014 target.
But the offshort Teodorico licence is the big one: "we consider PVE’s AR94PY offshore project as the clearest value driver for investors"
Their risked exploration NAV is 51c.
PVE Price at posting:
14.0¢ Sentiment: LT Buy Disclosure: Held
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