Announcement PDF Investor Presentation A European Gas Producer September 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 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 7 and 11: 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 in the Selva Malvezzi Production concession. 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 is advancing work programs across other prospects at Selva North, South, East and Riccardiana. Existing assets include producing & development-ready gas fields Key Licences in Italy 1. Selva Malvezzi 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 Bcf1 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 1 ,2 PM-1 well currently producing gas North, South & East Selva and Riccardina advanced work programme for future development Torre Del Moro Onshore gas | Exploration • • 100%-owned Onshore gas exploration prospect 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 3 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 HIGHLY CREDIBLE ITALIAN TEAM PRODUCING & REVENUE GENERATING MATERIAL NEAR TERM UPSIDE • • • • To take advantage of the current attractively priced gas market in Italy, as the country moves toward greater energy security PM-1 gas production is low-cost with 100% of the gas sales being sold to BP Marketing. Strong and steady production Attractive gas prices • • • Management team with strong local connections and prior experience bringing gas developments into production in Italy Increasing gas production at PM-1 will assist funding of a series of development and exploration opportunities across its five licenses in Italy Reserves and resources attributed, provide near term upside potential 4 Production analysis • • • • • • 1 2 PM-1 PRODUCTION OUTCOMES PM-1 last reported producing at ~80,000scm/d1 Production Q2/24 6,835,397 scm (PVE share 63% 4,306,300 scm)1 Revenues Q2/24 total €2.3m (PVE share 63% €1.45m)1 Low-cost production Cumulative production since first gas to Q2/24 ~23million scm2 Positive outlook for near term project breakeven Chart 2: Average Daily Production (scm/day) Refer to June 2024 Quarterly report: ASX release 30 July 2024 Refer to Annual Report and June 2024 Quarterly report: ASX releases 30 April 2024 and 30 July 2024 Chart 3: Average Gas price from first gas to June 2024 Chart 1: Breakeven analysis of PM-1 – Revenue and costs on 100% gross basis Chart 4: Production volumes, revenues and costs from first gas to June 2024 5 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 (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 CGG CPR (July 2022) Refer to ASX Announcement 26 July 2022 PVE Team is Delivering 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 Envionmental Studies, drilling program planning and applications ✓ ✓ ✓ ✓ ✓ In progress In progress 7 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 8 Appendices 9 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 21 August 2024) A$0.036 Market Cap (15 August 2024) A$40.56m Shares on issue 1,158.96m Ticker ASX:PVE Cash at bank (30 June 2024) $4.98m1 Debt 1. Nil Quarterly Activities Report 30 June 2024 Board of Directors Kevin Bailey AM Joseph Constable 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 24.84% Michael Masterman 18.52% Beronia Investments & Associates 10.31% Paul Lambert & Associates 7.01% 10 Table of Reserve and Resources* * Gas Reserves and Resources by Field (as per CPR dated 25 July 2022 ASX announcement 26 July 2022) less depletion from PM1 production at 31 December 2023 per the Annual Report. Licence Project Reserves Contingent Resources 1C 2C 3C Low Best High Selva level A South 0.7 1.1 2.3 Selva Malvezzi Selva level B North 2.2 5.6 11.2 [Net] Selva level B South 0.6 2.2 5.9 Fondo Perino 6.4 9.2 12.9 East Selva 18.3 21.9 25.6 Riccardina 8.2 24.4 81.2 7.9 15.9 25.0 0.6 1.4 2.4 420.7 502 596.1 Selva (Podere Maiar1)* Teodorico AR94PY Teodorico 1P 2P 3P 2.38 8.18 18.58 Prospective resources 27 37 48 7.4 10.6 14.0 PL3-C Zini (Qu-B) 1.1 2.7 4.6 Cadelbosco Canolo (Qu-A) 0.7 1.1 1.7 di Sopra Canolo (Plioc) 0.4 3.6 10.5 Zini (Qu-A) Torre del Moro Torre del Moro 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. 11 Highly experienced board 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 Timor-Leste Petroleum Fund, the $17bn sovereign wealth fund of TimorLeste. Sara Melinda Edmonson Joseph Constable Katrina O'Leary Non-Executive Director Non-Executive Director Non-Executive Director 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 blue-chip corporate clients on transactions in Russia, Romania, Turkey and the US. 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 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.. 12 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. 13 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 14