Announcement PDF Po Valley Energy ASX: PVE A European Gas Producer Investor Update August 2025 1 Important notices and disclaimer DISCLAIMER This presentation is for informational purpose only and does not constitute an offer to sell and should not be considered as an invitation or recommendation to purchase securities in Po Valley Energy Limited. Such Offer can be made only through proper subscription documentation and only to investors meeting strict suitability requirements. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. In providing this presentation Po Valley Energy has not considered the financial position or needs of the recipient. Persons needing advice should consult their stockbroker, bank manager, solicitor, attorney, accountant or other independent financial and legal advisors. SUMMARY INFORMATION This presentation contains summary information about the current activities of Po Valley Energy and its subsidiaries as at the date of this Presentation and does not purport to be all inclusive or to contain all information which its recipients may require or purport to contain all the information required that an investor should consider when making and investment decision nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act. It should be read in conjunction with Po Valley Energy’s other periodic and continuous disclosure announcements lodged with the ASX which are available at www.asx.con.au/markets/company/pve. Neither Po Valley Energy nor its directors, employees or advisers give any warranties in relation to the statements and information in this Presentation.. The views expressed within this document are solely those of Po Valley Energy Limited. FORWARD LOOKING STATEMENTS This presentation contains statements related to our future business and financial performance and future events or developments involving Po Valley Energy Limited (‘PVE’ or “the Company’) that may constitute forward looking statements. All statements, other than statements of historical fact, that refer to any future oil and gas production, resources or reserves, exploration results and events that the Company expects to occur are forward-looking statements. Although the Company believes the expectations in these forward-looking statements are based upon reasonable assumptions, such statements are not a guarantee of future performance and actual results or developments may differ materially from the outcomes anticipated. This may be due to several factors, including market prices, exploration and exploitation success, and the continued availability of capital and financing, plus general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance, and actual results or performance may differ materially from those projected in the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise. RESERVES AND RESOURCES Po Valley Energy Limited (ASX:PVE) provides the following additional information to this Presentation: 1. 2. 3. 4. 5. The estimates of Reserves, Contingent and Prospective Resource included in the Presentation are estimates reported in the Competent Persons Report (CPR) dated 25 July 2022 issued by CGG Services UK Limited (CGG) and as per the ASX announcement of 26 July 2022 and are pre-production reserves. All estimates, except for those relating to Teodorico, have been determined using a deterministic method. Estimates for Teodorico have been determined using a probabilistic method. Where reported, aggregated Reserves and Contingent Resources are aggregated by arithmetic summation by category. In relation to Prospective Resources reported in the Presentation on slide 11 and 17: Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcements referred to in this presentation and, in the case of estimates for petroleum reserves, contingent resources and prospective resources, all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not materially changed from the original market announcements. 2 Today’s key takeaways 01. Strong market fundamentals. Ministry support is driving an increase in gas within Italy’s energy mix. 02. Strong local partnerships and experienced in-country team progressing EIA approvals to unlock value across the broader Selva Development Program. 03. Robust cash flow and balance sheet enable growth with flexible funding options. Po Valley Energy is at an inflection point in the company’s history, with strongly performing assets, a solid pipeline of development options and high-quality operating personnel leading the business Agenda • 2Q25 Financial and Operational Highlights • Introducing Po Valley Energy • Board and Management Team • Assets, Production, and Exploration Outlook • Strategy, Outlook and Investment Thesis 4 2Q FY25 Financial and Operational Highlights Financial highlights1 Operating cashflow was €921k2 (~A$1.6m) Expenditure on exploration and development was €29k2 (~A$52k) Cash at as 30 June 2025 €7.4m (~A$13.4m) Zero debt Operational highlights1 Total gas output in Q2 was ~7 million scm3 Selva EIA revisions in progress; permitting and landowner agreements advancing Field activities for the Selva Development Program scheduled to begin October 2025 1. Refer to June 2025 Quarterly Announcement on the ASX dated 31 July 2025 2. Net to PVE 3. Total production (100%) with PVE share at 63% 5 European gas producer driving growth from Italy’s energy heartland • • • Selva Malvezzi: 80.7 km² production concession awarded July 2022 Located in Bologna province Consistent production ~79,000 scm/day during the June quarter Strong market fundamentals • • • Average gas sales price: €0.39/scm for June quarter +14.7% from pcp European energy security Renewable energy supported by gas as a transitional fuel to accelerate progress toward net zero targets Solid financial position • • €7.4 million (~A$13.4 million) cash as at June 2025 to fund future growth No debt • Casale Guida 1d (Selva North), Ronchi 1d (South Selva), Selva Malvezzi (East Selva), Bagnarola 1d (Riccardina) Teodorico Cadelbosco di Sopra, Grattasasso and Torre del Moro Flagship asset Growth pipeline • • Strategic focus: Operating exclusively in northern Italy, with a portfolio of onshore natural gas assets in the prolific Po Valley region. 6 Refer to June 2025 Quarterly Announcement on the ASX dated 31 July 2025. Highly Experienced Board and Industry Leading, Locally Based Management Team Kevin Bailey AM Sara Melinda Edmonson Non-Executive Director Non-Executive Director Non-Executive Director Kevin joined the Board in 2016, became Chairman in 2022, and CEO in 2025. A shareholder since 2008, he brings extensive business experience, including roles on several boards such as the Timor-Leste Petroleum Fund. Sara joined the Board in 2019 and previously led PVE from 2010 to 2017. She brings deep gas sector and international advisory experience, and is a former President of Associazione Energia Nazionale. Joseph joined the Board in 2021 and is a long-term shareholder with deep knowledge of PVE’s assets. Experienced investor and company director; former Portfolio Manager at Hancock & Gore Ltd Katrina joined the Board in 2022. An experienced IP and IT lawyer, she advises on ESG compliance and has worked internationally. She brings legal compliance, governance, and risk management expertise to the Board. Chairman and CEO Mr Giorgio Bertuzzi Exploration & New Projects Manager Giorgio has 31 years’ experience with ENI/Agip, including exploration and management roles in Italy and Africa. Gianluca De Rosa Senior Geophysicist & Team Leader Gianluca joined in 2008 with over 18 years in oil and gas, including 10 years at Eni specializing in upstream exploration across onshore, offshore, gas, and deep oil projects. Joseph Constable Pier Paolo Poncia Senior Geologist Pier Paolo joined in 2010 and has 25 years’ experience in geology, structural monitoring, GIS, and oil & gas exploration. He previously worked on major Italian transportation infrastructure projects. Katrina O'Leary Diego Balistreri Development and Production Manager Diego, started his career in 1978 with ENI and later worked at Elf Aquitaine and Enterprise Oil. Since joining Po Valley in 2011, he has managed development and production of multiple gas fields, currently overseeing Podere Maiar. Michael Gentile Non-Executive Director Michael joined the Board in 2024. A leading Canadian strategic investor, he co-founded Bastion Asset Management and brings deep capital markets expertise from his extensive experience in mining and portfolio management. Daria Fortunati Geologist Production Manager An experienced Geologist & Production Manager that is knowledgeable with Italian compliance reporting, external and government relations. 7 Key Assets, Production and Drilling 8 Attractive, Connected Portfolio Cadelbosco Exploration License Grattasass Superior Portfolio Characteristics Exploration License Teodorico Scale: One of the few onshore gas producers in Italy with strategic exposure to high-value, underexplored acreage in the Po Valley – a rare position among European independents. • • Flexibility: Low-cost, modular development across multiple shallow gas fields enables phased capital deployment aligned with increasing market demand and permitting timelines. Offshore gas | Development • 100% owned 2P Reserves of 37 Bcf and 2C Resource of 10.6 Bcf1 Located close to existing infrastructure Selva Malvezzi Torre Del Moro • • • 100%-owned • Onshore gas exploration prospect Onshore gas | Production • • 63% owned Net 2P Reserves of 7.3 Bcf1,2 and 2C Resource of 8.9 Bcf 1 PM-1 well currently producing gas North, South & East Selva and Riccardina advanced work programme for future development Onshore gas | Exploration 1. CGG CPR (July 2022). Refer to ASX Announcement 26 July 2022 2. 2P reserves at Selva Malvezzi are Podere Maiar1 reserves which are adjusted for depletion from the 2022 CPR reported reserves for the cumulative net production from commencement of production to 30 June 2025. Refer to ASX releases for 30 June 2025. Growth: Clear pathway to volume growth through near-term drilling (e.g. Selva expansion) and longer-term upside from adjacent prospects – aligned with Europe’s re-gasification needs. Location: Proximity to Italy’s industrial north and grid infrastructure provides direct access to premium-priced gas markets and strong domestic demand. Longevity: Multi-year drilling inventory across high-graded targets; resource base supports disciplined growth and returns Production analysis Podere Maiar-1 (PM-1) Production Results1 Sept 2024 Quarter Dec 2024 Quarter Mar 2025 Quarter Jun 2025 Quarter Avg. daily production (scm) 76,910 79,596 77,292 79,783 Quarterly production (‘000 scm) 4,421 4,614 4,236 4,574 Weighted average price (per scm) € 0.39 € 0.46 € 0.50 € 0.39 Revenue (‘000) € 1,737 € 2,129 € 2,103 € 1,805 Field Operating costs2 € 179 € 162 € 196 € 126 Quarterly Cashflow from production (‘000)3 € 1,511 € 1,733 € 2,001 € 1,1364 Note: All figures in the table above, other than the daily production rate, are quoted on a net-63% share to PVE 1. Refer to Quarterly Announcements released on the ASX dated 31 Oct 2025, 31 Jan 2025, 30 Apr 2025, and 31 July 2025. 2. Cash outflows field operating costs per quarter excludes accrued royalties 3. Net cash from production before staff and administration costs. 4. Includes impact of royalties paid of €616k which relate to FY2024. 10 PM-1 unlocks Selva Malvezzi upside potential – look alike prospects Selva levels A+B Prospects (2C Contingent Resource: 14.1 Bcf gross) 1 • Stratigraphic pinch-out prospects proved viable by successful Podere Maiar-1 well • Level A and B sands in mid-Pliocene reservoir Podere Maiar well (2P Reserve: 13.4 Bcf gross)1 • Producing well • Revenue generating CPR Riccardina prospect (Prospective Resource (best): 38.8 Bcf gross) 1 • Lower pliocene sand target • Riccardina-1 well did not hit the structure • Structural trap on the footwall of a back thrust associated to Selva main thrust East Selva prospect (Prospective Resource (best): 34.8 Bcf gross) 1 • Podere Maiar - 1 Well proved the concept that this prospective resource is based on the same play of Selva trend 1. Reserves and Resources Net to PVE are 63% of the gross amounts shown above : Podere Maiar Well Net 8.4 Bcf 2P Reserve (preproduction), Selva A and B 8.9 Bcf 2C Contingent Resource, East Selva 21.9 Bcf Prospective Resource, Riccardina 24.4 Bcf Prospective Resource Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. CGG CPR (July 2022) Refer to ASX Announcement 26 July 2022 Strategy, Outlook and Investment thesis 12 Strategy and Outlook The Board and Management team continue to deliver on Selva Projects with Teodorico adding optionality Raised $4.5 M to fully fund Podere Maiar-1 Production approved by Italian authorities Construction commenced on gas plant and pipeline BP 18-month supply agreement signed in April 2024 Net production for 2024 ramped to 17.3M scm avg. rate ~80k scm/d3 Commencement of Podere Maiar-1 gas production delivering first gas on 4th of July Net revenue for 2024 €6.5M3, cash reserves of €4.99 M (~A$8.4M)3 Net production of Podere Maiar-1 of ~6.1M scm1 with net revenue €2.3 M2 1. 2. 2022 2023 EIA submitted for 4 new Selva wells (Broader Development Program) 2024 INTESA approval granted for 3D seismic at Selva Steady PM-1 output: avg ~79k scm/d, net 1H25 revenue €3.9 M4 Field works set to begin Oct 2025 for broader Selva development EIA revisions underway Field activities scheduled for October 2025 Seismic and Environmental studies to commence, contract drilling options explored, secure ministry approval Potential sale of Teodorico or JV 2025 2025 and beyond Production of Po Valley’s 63% owned Podere Maiar-1 (PM-1) gas facility in the Selva Malvezzi Production Concession. Refer to December 2023 Annual Report. Refer to December 2023 Annual Report. 3. Refer to December 2024 Annual Report. 4. Revenue of Po Valley’s 63% owned Podere Maiar-1 for the 1H25. Refer to March and June 2025 Quarterly Announcement on the ASX. 13 Investment Thesis: Strong Financial Position and Significant Near and Long-Term Growth Opportunities 1.Strong cash flow generation from Selva production reinforces 02.financial resilience and funding for growth 2. Robust cash position and zero debt highlights a strong unleveraged balance sheet 3. Near term catalyst EU energy security and decarbonisation goals position natural gas as a critical transition fuel 4. Strong local partnerships across assets including value realisation opportunities at Teodorico 5. Visible growth pipeline with development and exploration upside to drive future value 06. 04. 6. Experienced local team with proven track record in PVE assets and gas market development in Italy Experienced team and booked resources position company to support Europe’s energy security and net zero goals, with near-term gas growth in Italy as a key transitional opportunity. 14 Appendices 15 Corporate snapshot Italian-focused gas producer, explorer, & developer is undergoing a consistent increase in gas production revenue, which is strategically reinvested to drive progressive growth Company Overview and Balance Sheet Share price (Close at 4 August 2025) A$0.059 Market Cap (4 August 2025) A$68.4m Shares on issue 1,158.96m Ticker Cash at bank (30 June 2025) Debt 1. ASX:PVE €7.4m (A$13.4m)1 Nil Quarterly Activities Report 30 June 2025 Board of Directors Kevin Bailey AM Chairman & CEO Joseph Constable Non-Executive Director Sara Edmonson Non-Executive Director (Rome) Katrina O’Leary Non-Executive Director Michael Gentile Non-Executive Director Share Price Chart – 12 Month 0.07 0.06 Major Shareholders > 5% 0.06 Kevin Bailey AM 25.89% Michael Masterman 18.41% Beronia Investments & Associates 10.31% Paul Lambert & Associates 7.19% 0.05 0.05 0.04 0.04 0.03 0.03 0.02 16 Table of Reserve and Resources* * Gas Reserves and Resources by Field (as per CPR dated 25 July 2022 ASX announcement 26 July 2022) with the **exception of the Podere Maala 1 reserves which are adjusted for depletion from PM1 cumulative from commencement of production to 30 June 2025. Prospective Resources are the estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcements referred to in this announcement and, in the case of estimates for petroleum reserves, contingent resources and prospective resources, all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not materially changed from the original market announcement. 17 CONTACT US Po Valley Energy Ltd Kevin Bailey AM Chairman and CEO +61 (0) 417 556 458 Chairman@povalley.com Level 5, 191 St. Georges Terrace Perth WA 6000 www.povalley.com info@povalley.com 18