Announcement PDF Po Valley Energy ASX: PVE A European Gas Producer Investor Update April 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. The Reserves for PM-1 are adjusted for depletion from production from commencement of production to 31 December 2024. 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 slides 9,11 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 Agenda • Introducing Po Valley Energy • Key assets / Production / Exploration • Financials • Strategy outlook • Investment highlights 3 Introducing Po Valley Energy • A European gas producer with a portfolio of natural gas fields in northern Italy • The Selva Malvezzi Production Concession, awarded in July 2022 measuring 80.68km2, is an onshore natural gas field located in the eastern part of the Po Plain, in the Bologna province. • Steady gas production for the December quarter, averaging approximately ~80,000 scm/day • Robust gas prices with the average weighted gas sales price for the December quarter at €0.46/scm, up 22.5% on prior quarter • Cash €5m (A$8.4m) at December 2024, enabling further drilling • Currently advancing work programs across other prospects at Selva North, South, East and Riccardiana Po Valley Energy are 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 4 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 2 April 2025) A$0.042 Market Cap (2 April 2025) A$48.67m Shares on issue 1,158.96m Ticker ASX:PVE OTCQB: PVLEF Cash at bank (31 December 2024) €4.994m (A$8,3574m)1 Debt 1. Nil Quarterly Activities Report 31 December 2025: ASX Annoucnement 31 January 2025 Board of Directors Kevin Bailey AM Chairman 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 0.05 Major Shareholders > 5% 0.05 Kevin Bailey AM 25.48% Michael Masterman 18.52% Beronia Investments & Associates 10.31% Paul Lambert & Associates 7.16% 0.04 0.04 0.03 0.03 0.02 5 Highly experienced board Kevin Bailey AM Sara Melinda Edmonson Non-Executive Director Non-Executive Director Non-Executive Director 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 was appointed as director on 23 December 2019. 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 a former President of Associazione Energia Nazionale, an Italian association created to promote sustainable production, transportation and use of domestic energy. She 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 bluechip corporate clients on transactions in Russia, Romania, Turkey and the US. Joseph was appointed as a director on 30 November 2021. Joseph has been a long term shareholder of PVE and has a detailed understanding of the company assets and brings his significant financial skills to PVE and the Board. Joseph was previously an executive director of Hancock & Gore (ASX: HNG), and portfolio manager at H&G Investment Management Limited. Katrina was appointed as a director on 2 May 2022. Katrina is an Intellectual Property (IP) and Information Technology lawyer with decades of experience in IP management, commercial and litigious matters. Katrina also advises on ESG compliance especially in the area of ethical sourcing. Her practice is international - and she has worked in Italy, the USA and Australia representing government and international organisations and major public companies. Katrina brings to the board her strength in legal compliance, governance, and risk management. Chairman Joseph Constable Katrina O'Leary Michael Gentile Non-Executive Director Michael was appointed as director on 25 November 2024. Michael is considered one of the leading strategic investors in the junior resource sector in Canada, owning significant top-five ownership stakes in over 20 small-cap mining companies and brings significant capital market expertise to the Board. He is currently a director of several TSX-V listed entities Michael cofounded Bastion Asset Management in January 2022 a rapidly growing money management firm in Montreal with over CA$425m in assets under management, focused on small to mid-cap equities in the USA and Canada. Michael was previously a Vice President and Senior Portfolio Manager with Formula Growth Limited 6 where he worked from 2002 to 2018. 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 Senior Geologist Development and Production Manager 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. 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. Senior Geophysicist & Team Leader Diego Balistreri 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 Key Assets Licences in Italy 1. Selva Malvezzi Production Concession 2. Teodorico 3. Torre del Moro 4. Cadelbosco 5. Grattasasso Cadelbosco Exploration License Selva Malvezzi Grattasass Exploration License Teodorico Offshore gas | Development • • • 100% owned 2P Reserves of 37 Bcf and 2C Resource of 10.6 Bcf1 Located close to existing infrastructure Torre Del Moro Onshore gas | Production Onshore gas | Exploration • • • 100%-owned • Onshore gas exploration prospect • • 63% owned Net 2P Reserves of 8.4 Bcf and 2C Resource of 8.9 Bcf 1 ,2 PM-1 well currently producing gas North, South & East Selva and Riccardina advanced work programme for future development 1. CGG CPR (July 2022). Refer to ASX Announcement 26 July 2022 2. 2P reserves at Selva stated before production to date of ~23million scm – Refer to Annual Report and June 2024 Quarterly report: ASX releases 30 April 2024 and 30 July 2024 9 Production analysis 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 i n 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 (pre-production), 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 Financials 12 Financial Results and Performance • Operating cashflow for the FY 2024 - €4.2 million (net to PVE) • Expenditure on exploration and development for FY 2024 €415k (net to PVE) • Cash at 31 December 2024 €4.994m (~A$8.357m) • No debt Strategy and Outlook The Board and Management team continue to deliver on Selva Projects 2023 Award of Gas Sales Agreement Secured first gas production at the Podere Maiar-1 development Progress geology and geoscience (“G&G”) work programmes on Selva North, South, East and Riccardina 2024 Maintain steady production at Podere Maiar-1 generating cash revenue Advance work programmes on Selva North, South, East and Riccardina ✓ ✓ ✓ ✓ ✓ 3D-Seismic campaign over the whole production concession In progress Environmental Studies, drilling program planning and applications In progress 14 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 15 Appendices 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 31 December 2024. 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 +61 (0) 417 556 458 Chairman@povalley.com Level 5, 191 St. Georges Terrace Perth WA 6000 www.povalley.com info@povalley.com 18