Announcement PDF ABN 33 087 741 571 ASX ANNOUNCMENT 12 September 2025 PO VALLEY ENERGY LTD (ASX:PVE) INTERIM FINANCIAL REPORT FOR SIX MONTHS TO 30 JUNE 2025 Po Valley Energy Limited (ASX:PVE) encloses its interim financial report for the period ended 30 June 2025. This announcement was approved for release by the Board of Directors of Po Valley Energy Limited Enquiries to: Mr Kevin Bailey AM Po Valley Chairman +61 417 556 458 To ask questions directly to the Po Valley Energy view this report and access media content, visit our interactive investor website at: https://povalley.com/link/Pdx9YP Registered Office Level 5/191 St Georges Terrace Perth WA 6000 Australia info@povalley.com Rome Office Via Isonzo 34, Rome, 00198 Italy TEL +39 06 4201 4968 FAX +39 06 4890 5824 Directors Mr. Kevin Bailey AM, Chairman and CEO Ms. Sara Edmonson, Non-executive Director Mr. Joseph Constable, Non-executive Director Ms. Katrina O’Leary, Non-executive Director Mr. Michael Gentile, Non-executive Director 1 PO VALLEY ENERGY LIMITED A.B.N. 33 087 741 571 INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2025 PO VALLEY ENERGY LIMITED INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2025 CONTENTS DIRECTORS’ REPORT ............................................................................................................................................ 2 AUDITOR’S INDEPENDENCE DECLARATION ......................................................................................................... 6 STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ......................................................... 7 STATEMENT OF FINANCIAL POSITION ................................................................................................................. 8 STATEMENT OF CHANGES IN EQUITY .................................................................................................................. 9 STATEMENT OF CASH FLOWS ............................................................................................................................ 10 NOTES TO THE FINANCIAL STATEMENTS ........................................................................................................... 11 DIRECTORS’ DECLARATION ................................................................................................................................ 27 INDEPENDENT AUDITOR’S REVIEW REPORT ..................................................................................................... 28 1 PO VALLEY ENERGY LIMITED DIRECTORS’ REPORT The Directors present their report together with the interim financial report for the half-year ended 30 June 2025 and the independent auditor’s review report thereon, of Po Valley Energy Limited (“the Company” or “Po Valley Energy” or “PVE”) and its subsidiary Po Valley Operations Pty Ltd (“PVO”) together referred to as “the Group”. Director details The following persons were Directors of the Company during or since the end of the financial half-year: • • • • • Kevin Bailey AM – Chairman Sara Edmonson - Non-Executive Director Joseph Constable – Non-Executive Director Katrina O’Leary – Non-Executive Director Michael Gentile – Non-Executive Director Company Secretary The Company Secretary during and since the end of the financial half-year was: • Kevin Hart Principal Activities The principal continuing activities of the Group in the course of the half-year were: • Production and sale of gas from the Podere Maiar 1 well • The exploration for gas and condensate in the Po Valley region of northern Italy • Appraisal and development of gas and oil fields in that footprint Review and results of operations Financial results for the period The profit attributable to members of the Company for the half-year was €1,749,745 (30 June 2024: €930,241). The Group’s cash reserves as at 30 June 2025 were €7,475,290 (31 December 2024: €4,993,913). A review of the operations and the results of those operations of the Group during the half-year is as follows: 30 June 2025 30 June 2024 Mcm Mcm 8,810 €’000 8,153 €’000 Gas Sales 3,908 2,658 EBITDA1 2,628 1,635 Depreciation and amortisation – production (271) (255) Depreciation (14) (13) Unwind of discount of restoration provision (20) (20) EBIT1 Finance costs other than restoration provision discounting Taxation 2,323 1,347 (7) (4) (566) (413) Net profit / (loss) after tax attributable to shareholders 1,750 930 Summary of results table: Production volume (net) 1EBITDA (earnings before interest, tax, depreciation and depletion, exploration expensed and impairment losses) and EBIT (earnings before interest and tax) are non-IFRS measures that are presented to provide an understanding of the Group’s operations. The non-IFRS measures are unaudited, however, the numbers have been extracted from the financial statements that have been subject to review by the Company’s auditor. 2 PO VALLEY ENERGY LIMITED DIRECTORS’ REPORT Selva Malvezzi Production Concession (63% PVO) Selva is an onshore natural gas field located in the eastern part of the Po Plain, in the Bologna province of the Emilia Romagna Region. Awarded in July 2022, the Selva Malvezzi Production Concession covers 80.68km2 carved out from the former Podere Gallina Exploration Permit. It includes the Podere Maiar Gas field (in production) and the gas prospects Selva Malvezzi (East Selva), Casale Guida (Selva North), Ronchi (Selva South) and Bagnarola (Riccardina). Po Valley Operations (100% subsidiary of the Company, “PVO”) is the operator under a Joint Operating Agreement (“JOA”) and holds a 63% interest in the Selva Malvezzi Production Concession with Prospex Energy Plc (“Prospex Group”) holding 37% (17% Prospex Energy, 20% UOG Italia). PM-1 gas production and well management Gas production at PVO’s 63%-owned Podere Maiar – 1 (PM-1) gas facility in the Selva Malvezzi Production Concession for the quarter is shown in the table below: PM1 Gas Production half year to 30 June 2025 Q1- 2025 Q2-2025 Total To 30 June 2025 Production scm scm scm PM-1 – 100% 6,724,409 7,260,290 13,984,699 PM-1 – 63% (PVE share) 4,236,377 4,573,983 8,810,360 Revenue €’000 €’000 €’000 PM-1 – 100% 3,338 2,864 6,202 PM-1 – 63% (PVE share) 2,103 1,805 3,908 Production has been consistent throughout the period averaging ~79,000 scm per day, with the exception of days during which slick line operations were undertaken and brief scheduled production halts for routine plant maintenance. Routine slick line operations in the period confirmed well pressure evolution as per expectations and there was no sand or water detected during the slick lines. There also has not been any unexpected readings on surface sand detection equipment during the period. Production since commencement in July 2023 totals 51,384,665 scm from the C2 level (PVE share is 63% of total). Total (100%) P1 reserves of C2 Level certified in the July 2022 CPR by CGG are 69MMscm, the remaining P1 gas volume from C2 level at period end was 18 MMscm (PVE share 63% of total). PM-1 gas during the period was supplied to BP Gas Marketing under a supply agreement and will continue up to the date of expiration on 1 October 2025 when supply will be made to the Hera Group under the newly executed supply agreement. Casale Guida 1d, Ronchi 1d, Bagnarola 1d, Selva Malvezzi 1d wells The Selva Malvezzi Production Concession is the key area of focus for the Company with the next stages of development at Casale Guida 1d (Selva North), Ronchi 1d (South Selva), Selva Malvezzi (East Selva) and Bagnarola 1d (Riccardina) prospects. The drilling programs for the four new drilling projects were submitted to the UNMIG department of the Italian Ministry of Environment and Energy Security (MASE) for drilling authorisation in September 2024. The Environmental Impact Study (EIA) covering the drilling, development and production phases of the four wells was filed in December 2024. 3 PO VALLEY ENERGY LIMITED DIRECTORS’ REPORT During May 2025, the EIA technical commission of the Ministry (MASE) requested further studies specifically covering assessment of flood risk in the area given flooding events that occurred in the region in 2023 and 2024. In addition, the Budrio Municipality requested a relocation of Casale Guida and Ronchi well site due to community concerns regarding visual and noise impacts on the surrounding area. The Selva Malvezzi-1 well site location will also be evaluated further to mitigate flooding risk concerns raised by the Civil Protection of Emilia Romagna Region. PVO is preparing an updated EIA for resubmission which aligns with the Ministry’s observations and recommendations outlined. 3D-Geophysical survey over Selva Malvezzi Concession PVO received INTESA from the Region and the final authorisation by the MASE for the 3D geophysical survey acquisition on the Selva Malvezzi Production Concession in early April 2025. Field activities, including the seismic acquisition, are scheduled for early October 2025 in accordance with guidance from landowners and relevant Farmer’s Associations, ensuring no impact on their late summer harvest. Teodorico Offshore Gas field development (100% PVO) The Teodorico gas field is located in shallow waters (approximately 30m deep) off the east coast in the northern Adriatic Sea; the primary source of domestic gas production for much of Italy; and in close proximity to existing east coast offshore gas production facilities. Teodorico has the largest gas-in-place of all of Po Valley Energy’s gas fields and is at an advanced stage of assessment, ready for development. The Group holds a preliminary production concession for this area. The Company is progressing works in preparation of a revised EIA addressing additional requirements, particularly in relation to the two environment protection areas to be addressed, following the Regional Administrative Court (TAR) ruling in 2024. This EIA revision will align with the recommendations from the Directorate of the Ministry of Environment addressing the protected areas not considered in the original EIA submission. The revision is timely given the existing EIA decree, if it were upheld, is set to expire in 2026. The Company has already commenced preliminary works on the study with the focus on the engineering design associated with the preparation of this revised EIA. The Company intends to complete and submit the revised EIA as soon as possible. Torre del Moro, Cadelbosco di Sopra and Grattasasso exploration licences (100% PVO) The Company is reviewing optimal exploration and development paths for the other onshore exploration assets (Cadelbosco di Sopra, Grattasasso and Torre del Moro) including the possibility for introduction of thirdparty investors / partners who might have interest in participating in their exploration and development. Cadelbosco di Sopra and Grattasasso are shallow gas opportunities which fit neatly with the Company’s proven exploration and development capabilities whilst Torre del Moro is a large deep gas prospect. Following the repeal of the 2024 Environmental Decree, which replaced the previous ‘PITESAI’ framework for suitable hydrocarbon exploitation areas, and confirmation from MASE that oil exploration activities may resume, the Company is now able to expand its evaluation to include, alongside the gas prospects, the oil contingent resources at Cadelbosco and Grattasasso, as well as the oil prospective resources at Torre del Moro. 4 PO VALLEY ENERGY LIMITED DIRECTORS’ REPORT Significant events after balance date As announced on 21 August 2025, the Company has entered into a new Gas Sales Agreement (“GSA”)with the Hera Group. The GSA will be commencing on 1 October 2025 for gas production from the Podere Maiar facility (PM-1d well) in the Selva Malvezzi production concession, replacing the current GSA with BP Gas Marketing which expires on 1st October 2025. The process was conducted through a competitive tender process, with local player Hera Trading emerging as the successful bidder. Other than the above, there were no events between the end of the financial period and the date of this report that, in the opinion of the Directors, affect significantly the operations of the Group, the results of those operations, or the state of affairs of the Group, in subsequent financial periods. Auditor’s independence declaration A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 6 and forms part of the Directors’ report for the half-year ended 30 June 2025. This report has been made in accordance with a resolution of Directors. Kevin Bailey AM Chairman 12 September 2025 5 AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the consolidated financial report of Po Valley Energy Limited for the half-year ended 30 June 2025, I declare that to the best of my knowledge and belief, there have been no contraventions of: a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b) any applicable code of professional conduct in relation to the review. Perth, Western Australia 12 September 2025 M R Ohm Partner 6 PO VALLEY ENERGY LIMITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2025 NOTE 30 June 2025 € 30 June 2024 € Continuing Operations 2 3 3,908,071 (386,398) (376,631) 2,657,510 (284,112) (243,500) 3 (270,948) (255,284) Gross profit 2,874,094 1,874,614 Other income 110,322 80,439 Employee benefits Depreciation expense Corporate overheads (372,330) (14,145) (254,670) (361,452) (13,266) (213,536) 2,343,271 1,366,799 198 (27,967) 359 (24,119) (27,769) (23,760) 2,315,502 1,343,039 (565,757) (412,798) 1,749,745 930,241 - - 1,749,745 930,241 0.15 € cents 0.08 € cents Revenue from contracts with customers Cost of sales Royalties Depreciation and amortisation expense production Profit from operating activities 4 Finance income Finance expense Net finance expense 5 Profit before tax Income tax expense 6 Profit for the period Other comprehensive income Total comprehensive income for the period Basic and diluted earnings per share from continuing operations 7 The accompanying notes from part of these financial statements 7 PO VALLEY ENERGY LIMITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025 NOTE Current Assets Cash and cash equivalents Trade and other receivables 30 June 2025 € 31 December 2024 € 7,475,290 797,798 4,993,913 1,107,553 Total current assets 8,273,088 6,101,466 Non-Current Assets Inventory – non-current Other assets Deferred tax assets Property, plant & equipment Resource property costs 33,438 4,678 1,843,660 9,909,776 33,438 4,678 115,676 1,923,097 9,998,987 Total non-current assets 11,791,552 12,075,876 Total assets 20,064,640 18,177,342 1,257,048 24,851 2,974 1,126,932 24,851 2,974 1,284,873 1,154,757 1,034,839 63,508 1,014,361 76,549 1,098,347 1,090,910 Total Liabilities 2,383,220 2,245,667 Net Assets 17,681,420 15,931,675 56,847,751 1,192,269 (40,358,600) 56,847,751 1,192,269 (42,108,345) 17,681,420 15,931,675 Current Liabilities Trade and other payables Lease liabilities Provisions 8 6 9 10 11 12 Total current liabilities Non-Current Liabilities Provisions Lease liabilities 12 11 Equity Issued capital Reserves Accumulated losses 13 14 Total Equity The accompanying notes from part of these financial statements 8 PO VALLEY ENERGY LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2025 Issued Capital € 56,847,751 Foreign Currency Translation Reserve € 1,192,269 - - - 930,241 930,241 Other comprehensive income - - - - - Total comprehensive income for the period - - - 930,241 930,241 Transactions with members recorded directly in equity: Options expired - - (107,714) 107,714 - Balance at 30 June 2024 56,847,751 1,192,269 - (43,569,255) 14,470,765 Balance at 1 January 2025 56,847,751 1,192,269 - (42,108,345) 15,931,675 Profit for the period Other comprehensive income - - - 1,749,745 - 1,749,745 - Total comprehensive income for the period - - - 1,749,745 1,749,745 56,847,751 1,192,269 - (40,358,600) 17,681,420 Balance at 1 January 2024 Total comprehensive income for the period: Profit for the period Share Based Payment Accumulated Reserve Losses € € 107,714 (44,607,210) Total € 13,540,524 Total comprehensive income for the period: Balance at 30 June 2025 The accompanying notes from part of these financial statements 9 PO VALLEY ENERGY LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2025 NOTE 30 June 2025 € 30 June 2024 € Cash flows from operating activities Receipts from customers Receipts from joint operations partners Payment of royalties Payments to suppliers and employees Interest received Interest paid 4,075,191 102,296 (616,131) (941,719) 198 (227) 2,531,510 92,496 (712,646) 359 - Net cash from operating activities 2,619,608 1,911,719 Cash flows from investing activities Payments for property plant and equipment Payments for resource property costs (net of joint operation partner recoveries) (6,751) - (146,017) (34,263) Net cash used in investing activities (152,768) (34,263) (14,173) (14,340) Net cash used in financing activities (14,173) (14,340) Net increase in cash and cash equivalents 2,452,667 1,863,116 Cash and cash equivalents at 1 January Exchange difference on cash and cash equivalents 4,993,913 28,710 1,252,717 (1,514) Cash and cash equivalents at 30 June 7,475,290 3,114,319 Cash flows from financing activities Payments of lease liabilities 11 The accompanying notes from part of these financial statements 10 PO VALLEY ENERGY LIMITED NOTES TO THE INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2025 NOTE 1: SUMMARY OF MATERIAL ACCOUNTING POLICIES 1.1 REPORTING ENTITY Po Valley Energy Limited (“the Company” or “Po Valley Energy” or “PVE”) is a company domiciled in Australia. The consolidated interim financial report for the six-month period ended 30 June 2025 comprises the Company and its interests in subsidiaries and jointly controlled entities and operations (together referred to as “the Group”). The Group is primarily involved in the exploration, appraisal, development of, and production from, gas properties in the Po Valley region in Italy and is a for profit entity. 1.2 BASIS OF PREPARATION (a) STATEMENT OF COMPLIANCE The interim financial report is a condensed general purpose financial report prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the last annual consolidated financial statements as at and for the year ended 31 December 2024. They do not include all of the information required for a full annual financial report, and should be read in conjunction with the consolidated annual financial report of the Group as at and for the year ended 31 December 2024 and with any public announcements made by Po Valley Energy Limited during the half-year ended 30 June 2025. The accounting policies and methods of computation adopted are consistent with those of the previous financial year and corresponding half-year. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards. (b) BASIS OF MEASUREMENT These consolidated financial statements have been prepared on the basis of historical cost taking into account, where appropriate, any value adjustments except for certain items required to be recognised at fair value. (c) FUNCTIONAL AND PRESENTATION CURRENCY The consolidated financial statements are presented in Euro, which is the Company’s and each of the Group entities’ functional currency. 11 PO VALLEY ENERGY LIMITED NOTES TO THE INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2025 (d) USE OF ESTIMATES AND JUDGEMENTS The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Impairment of non-current assets The ultimate recoupment of the value of resource property costs and property plant and equipment is dependent on successful development and commercial exploitation, or alternatively, sale, of the underlying properties. The Group undertakes at least on an annual basis, a comprehensive review for indicators of impairment of these assets. Should an impairment indicator exist, the area of interest or CGU is tested for impairment. There is significant estimation involved in determining the inputs and assumptions used in determining the recoverability amounts. The key areas of estimation involved in determining recoverable amounts include: • Recent drilling results and reserves and resources estimates • Environmental issues that may impact the underlying licences • The estimated market value of assets at the review date • Fundamental economic factors such as the gas price and current and anticipated operating costs in the industry • Future production rates The post-tax discount rate used for impairment purposes is 10%. Rehabilitation provisions The value of these provisions represents the discounted value of the present obligations to restore, dismantle and rehabilitate each well site under development or in production. Significant estimation is required in determining the provisions for rehabilitation and closure as there are many transactions and other factors that will affect ultimate costs necessary to rehabilitate the sites. The discounted value reflects a combination of management’s best estimate of the cost of performing the work required, the timing of the cash flows and the discount rate. A change in any, or a combination of, the key assumptions used to determine the provisions could have a material impact on the carrying value of the provisions. The provision recognised for each site is reviewed at each reporting date and updated based on the facts and circumstances available at that time. Changes to the estimated future costs for operating sites are recognised in the statement of financial position by adjusting both the restoration and rehabilitation asset and provisions. The Group reviewed the provision at reporting date for works completed during development and revised costs estimates for current prices and conditions to ensure provision is appropriate at the reporting date. There were no changes to estimated costs during the period. 12 PO VALLEY ENERGY LIMITED NOTES TO THE INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2025 Reserve estimates Estimation of reported recoverable quantities of Proven and Probable reserves include estimates regarding commodity prices, exchange rates, discount rates, and production and transportation costs for future cash flows. It also requires interpretation of complex geological and geophysical models in order to make an assessment of the size, shape, depth and quality of reservoirs, and their anticipated recoveries. The economic, geological and technical factors used to estimate reserves may change from period to period. A change in any, or a combination of, the key assumptions used to determine the reserve estimates could have a material impact on the carrying value of the project via depreciation rates or impairment assessments. The reserve estimates are reviewed at each reporting date and any changes to the estimated reserves are recognised prospectively to depreciation and amortisation. Any impact of the change in the reserves is considered on asset carrying values, and impairment losses, if any, are immediately recognised in the profit or loss. Recognition of deferred tax assets The recoupment of deferred tax assets is dependent on the availability of profits in future years. The Group undertakes a forecasting exercise at each reporting date to assess its expected utilisation of these losses. The key areas of estimation involved in determining the forecasts include: • Future production rates • Economic factors such as the gas price and current and anticipated operating costs in the industry • Capital expenditure expected to be incurred in the future A change in any, or a combination of, the key assumptions used to determine the estimates could have a material impact on the carrying value of the deferred tax asset. Changes to estimates are recognised in the period in which they arise. 1.3 MATERIAL ACCOUNTING POLICIES (a) New and revised Standards and Interpretations on issue not yet effective Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been early adopted by the Group for the reporting period ended 30 June 2025. The Directors do not believe that these new and revised Standards and Interpretations will have a material effect on the Group. (b) New Standards and Interpretations applicable for the six-month period ended 30 June 2025 The Directors have reviewed all the new and revised Standards and Interpretations issued by the AASB that are relevant to the Group and effective for the current reporting period. As a result of this review, the Directors have determined that there is no material impact of the new and revised Standards and Interpretations on the Group and, therefore, no material change is necessary to the Group accounting policies. 13 PO VALLEY ENERGY LIMITED NOTES TO THE INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2025 NOTE 2: REVENUE 30 June 2025 € Gas sales contract with customers 30 June 2024 € 3,908,071 2,657,510 Production operating costs 361,745 264,485 Capacity and transportation costs 24,653 19,627 Cash costs of production 386,398 284,112 Depreciation of plant and equipment 72,379 67,564 Depletion of resource property costs 198,569 187,720 Depreciation and amortisation expense 270,948 255,284 All gas sales are recorded as revenue at a point in time. NOTE 3: COST OF SALES NOTE 4: PROFIT AND LOSS INFORMATION Profit for the half-year includes the following items: Professional fees (131,551) (101,080) Company administration and compliance (83,134) (69,234) Travel costs (13,875) (13,393) Interest income 198 359 Finance income 198 359 Interest expense (1,359) (1,914) Unwind of discount on site restoration provision (20,478) (19,680) Foreign exchange (gains) / losses (net) (6,130) (2,525) Finance expense (27,967) (24,119) Net finance expense (27,769) (23,760) NOTE 5: FINANCE INCOME AND EXPENSE Recognised in profit and loss: 14 PO VALLEY ENERGY LIMITED NOTES TO THE INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2025 NOTE 6: INCOME TAX EXPENSE 30 June 2025 € 30 June 2024 € Current tax Current year 450,081 72,065 Deferred tax expense 115,676 340,733 Total income tax expense 565,757 412,798 Deferred tax Numerical reconciliation between aggregate tax expense recognised in the statement of comprehensive income and tax expenses calculated per the statutory income tax rate: Profit for the year before tax from continuing operations Income tax expensed using the Company’s domestic tax rate of 30 % (2024: 30%) 2,315,502 1,343,039 694,650 402,912 Effect of tax rates in foreign jurisdictions (153,791) (92,757) Permanent differences Current year losses and temporary differences for which no deferred tax asset was recognised 57,333 (15,366) 16,562 78,398 Changes in temporary differences (41,912) (32,454) Tax losses utilised (107,332) - Foreign regional taxes payable 100,247 72,065 Income tax expense 565,757 412,798 Recognised deferred tax assets Deferred tax assets are recognised in respect of tax losses and temporary differences based on management’s assessment that future taxable profit will be available against which the Group can utilise the benefits therefrom. Deferred tax assets are recognised in relation to the Italian subsidiary’s available tax losses and temporary differences, reduced by amounts utilised in the current period. The balance on deferred tax assets at 30 June 2025 were $Nil (31 December 2024: $115,676). NOTE 7: EARNINGS PER SHARE 30 June 2025 € (cents) Basic and diluted earnings per share from continuing operations 0.15 30 June 2024 € (cents) 0.08 The calculation of basic and diluted earnings per share from continuing operations was based on the profit attributable to members of €1,749,745 (2024: €930,241) and a weighted average number of ordinary shares outstanding during the half year of 1,158,961,620 (2024: 1,158,961,620). There are no potential shares. 15 PO VALLEY ENERGY LIMITED NOTES TO THE INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2025 NOTE 8: TRADE AND OTHER RECEIVABLES 30 June 2025 € 31 December 2024 € Trade receivables 10,660 188,811 Indirect taxes receivable 80,982 142,234 Other receivables 113,950 17,182 Accrued revenue 592,206 759,326 Trade and other receivables 797,798 1,107,553 NOTE 9: PROPERTY, PLANT & EQUIPMENT 30 June 2025 € Land – gas producing well site Gas producing plant and equipment At Cost