Announcement PDF Investor Presentation A European Gas Producer February 2024 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. 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 9 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 Company overview Po Valley Energy (ASX: PVE) is a European gas producer with over 20 years-experience and a portfolio of natural gas fields in northern Italy. The Company currently has gas production at its Podere Maiar 1 (PM-1) well, with look-alike wells to come online in the next 18 months. Po Valley is presently focused on the onshore gas development of its Selva Malvezzi asset. With the Podere Maiar 1 well actively producing gas, the company plans to advance similar wells at Selva North and South with drilling expected in 2H 2024 Existing assets include producing & development-ready gas fields Key Licences in Italy 1. Selva Mavezzi Production Concession 2. Teodorico 3. Torre del Moro Teodorico Offshore gas | Development 100% owned 2P Reserves of 37 Bcf and 2C Resource of 10.6 Bcf Located close to existing infrastructure • • • 4. Cadelbosco 5. Grattasasso Selva Malvezzi • • • • Onshore gas | Production 63% owned Net 2P Reserves of 8.4 Bcf and 2C Resource of 8.9 Bcf PM-1 well currently producing gas Tie-in wells Selva North & South wells to drilled in 2H 2024 Torre Del Moro • • CGG CPR (July 2022). Refer to ASX Announcement 26 July 2022 Onshore gas | Exploration 100%-owned Onshore gas exploration prospect 3 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 Board of Directors Share price (Close at 31 January 2024) A$0.037 Kevin Bailey AM Market Cap (31 January 2024) A$43.1m Shares on issue2 1,158.96m Joseph Constable Ticker ASX:PVE Cash at bank (31 December 2023) $2.03m1 Debt 1. Nil Quarterly Activities Report 31 December 2023 2. Excludes 7,500,000 unlisted options with an exercise price of A$0.10 and expiring 30 June 2024. Chairman Non-Executive Director Sara Edmonson Non-Executive Director (Rome) Katrina O’Leary Non-Executive Director Share Price Chart – 12 Month Major Shareholders Kevin Bailey AM 23.80% Michael Masterman 18.56% Beronia Investments & Associates 10.23% Paul Lambert & Associates 6.93% 4 Investment highlights Uniquely positioned in the attractively priced Italian domestic gas market, with producing & development-ready onshore gas assets and an experienced team in bringing gas to market on the ground in Italy. STRATEGICALLY WELL POSITIONED • To take advantage of the current attractively priced gas market in Italy, as the country moves toward greater energy security PRODUCING & REVENUE GENERATING • • • • • 1 2 PM-1 last reported producing at ~78,000 to 80,000scm/d1 Production Q3/23 and Q4/23 9,838,132 scm (PVE share 63% 6,198,023 scm)2 Revenues Q3 and Q4/2023 total €3.7m (PVE share 63% €2.3m)2 Low-cost production Gas sold to BP Gas Marketing under an 18-month supply agreement HIGHLY CREDIBLE ITALIAN TEAM • Management team with strong local connections and prior experience bringing gas developments into production in Italy PVE’s gas production at Selva is low-cost, with 100% of the gas being sold to BP Gas MATERIAL NEAR TERM UPSIDE Marketing under an • Increasing gas production at PM-1 18-month supply will assist funding of a series of agreement development and exploration • opportunities across its five licenses in Italy Reserves and resources attributed, provide near term upside potential Refer to December 2023 Quarterly report ASX Announcement 31 January 2024 Refer to September 2023 and December 2023 Quarterly report ASX Announcement ASX Announcement 31 October 2023 and 31 January 2024 5 PVE Team is Delivering The Board and Management team are delivering the Podere Maiar 1 well on schedule 2021 2022 Grant of Environmental Approvals Accelerated regulatory approvals ✓ ✓ ✓ Begin construction of Podere Maiar surface development at Selva ✓ ✓ Tendering for Gas Sales Agreements (GSA’s) Award of production concession at Selva Malvezzi concession ✓ 2023 Award of Gas Sales Agreement 2024 Progress geology and geoscience (“G&G”) work programmes on Selva North, South and East Secure first gas production at the Podere Maiar-1 development ✓ 6 Highly experienced board and executive Kevin Bailey AM Chairman Kevin was appointed as a director on 22 April 2016 and chairman on 29 April 2022. He has been a shareholder of the Company since April 2008 and brings significant business acumen and experience to the Board. Kevin is a highly successful businessman with a range of business interests, both local and overseas. He has served as a director of numerous various entities including the Investment Advisory Board of the TimorLeste Petroleum Fund, the $17bn sovereign wealth fund of Timor-Leste. Sara Melinda Edmonson Non-Executive Director Sara has extensive experience in natural gas, the critical transition fuel for a low carbon future, having led PVE from July 2010 to 2017. She is currently the President at Associazione Energia Nazionale, an Italian association created to promote sustainable production, transportation and use of domestic energy and is fluent in Italian, having previously worked both in Italy and internationally for Ernst & Young Transaction Advisory Services. During her tenure at EY Sara advised numerous blue-chip corporate clients on transactions in Russia, Romania, Turkey and the US. Joseph Constable Katrina O'Leary Non-Executive Director Non-Executive Director Joseph was appointed as a director on 30 November 2021. Joseph is an executive director of Hancock & Gore (ASX: HNG), and portfolio manager at H&G Investment Management Limited. He has been a long-term shareholder of PVE personally as well as professionally via the H&G High Conviction Fund (formerly The Supervised Fund). Joseph brings his significant financial skills to PVE and the board of directors. Katrina was appointed as a director on 2 May 2022. Katrina is an Intellectual Property (IP) and Information Technology (IT) lawyer with experience in both commercial and litigious matters. Katrina brings to the board her strength in compliance, governance, and risk management. 7 Industry leading, locally based management team Mr Giorgio Bertuzzi Exploration & New Projects Manager Giorgio has 31 years’ experience with ENI/Agip, covering numerous roles: Exploration Manager in northern Italy, Prefeasibility Studies Manager, in Italy; Exploration, Planning and Control in Western and Eastern Africa. Gianluca De Rosa Pier Paolo Poncia Gianluca joined the Company in 2008. He has over 18 years’ experience in the oil and gas industry. Formerly employed for 10 years at Eni in the exploration department, Gianluca acquired an expert knowledge of all frameworks of upstream activities, working on onshore/offshore, gas and deep oil prospects Pier Paolo originally joined the Company in 2010. He is a geologist with 25 years experience in structural engineering monitoring, cartography and oil and gas exploration & development, GIS and cartography. Before joining Po Valley Operations, Pier Paolo worked for engineering companies, specifically in structural monitoring in the largest Italian transportation infrastructures. Senior Geophysicist & Team Leader Senior Geologist Diego Balistreri Development and Production Manager Diego Balistreri graduated with a qualification in Petroleum Engineering from the Politecnico di Turin. His oil and gas career started in 1978 with Italian major ENI, before joining Elf Aquitaine and Enterprise Oil. Diego has extensive experience in the development and production of several oil and gas fields in Italy, Norway and France. In 2011 he joined Po Valley and has been responsible for the development of the Sillaro, Bezzecca and Vitalba gas fields. He is presently acting as ‘Development and Production Manager’ for the Podere Maiar gas field in the Selva Malvezzi Production Concession. Daria Fortunati Geologist Production Manager An experienced Geologist & Production Manager that is knowledgeable with Italian compliance reporting, external and government relations. 8 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 in 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 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. 1. Reserves and Resources Net to PVE are 63% of the gross amounts shown above : Podere Maiar Well Net 8.4 Bcf 2P Reserve, Selva A and B 8.9 Bcf 2C Contingent Resource, East Selva 21.9 Bcf Prospective Resource, Riccardina 24.4 Bcf Prospective Resource CGG CPR (July 2022) Refer to ASX Announcement 26 July 2022 Major activity timeline Quarter 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1H 2025 2H 2025 2025+ PM-1 Gas Production and cash flow Selva Seismic Survey Shoot Ministry Authorization for drilling Selva North, South, East Selva North & South drilling (est.) Selva North & South production (contingent upon success) Selva East drilling (est.) Teodorico – asset realisation program Key execution assumptions include: • • • G&G studies (preliminary) at Selva North, South and East planned and budgeted Selva North and South drilling timing is an estimate only. No budget, post PM-1 gas Teodorico asset realisation programme ongoing in conjunction with Italian authorities and other stakeholders 10 Investment summary Strongly positioned with a highly experienced management team to capture the opportunities offered by the booked resources and available capacity and strong demand for domestic gas production in Italy Selva Production providing strong cash flows Revenue from PM-1 to provide opportunities to reinvest in growth opportunities Growth Portfolio with development and exploration upside potential to support future growth Exploration partnership opportunities across assets including asset realization program at Teodorico Strong Market conditions with growing demand for domestic gas supply and existing infrastructure capacity On the ground team with prior experience in the PVE assets and with bringing gas to market in Italy 11 CONTACT US Po Valley Energy Ltd Kevin Bailey AM Chairman +61 (0) 417 556 458 Chairman@povalley.com Suite 8, 7 The Esplanade Mt Pleasant, WA 6153 Australia www.povalley.com info@povalley.com 12