2 Apr 2020agm notice● Neutral
Due to COVID-19 restrictions, no physical AGM will be held. The meeting stays on 9 April 2020, via live webcast, with all resolutions decided on proxy votes. Administrative notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2020drilling result● Neutral
Charlie-1 reached total depth of 11,112 feet on 30 March 2020, having logged all targets including the HRZ. Logging-while-drilling shows are largely consistent with Malguk-1. Significance awaits wireline logging, about 7 days.
19 Mar 2020drilling progress report● Neutral
After a minor weather delay, surface casing is set and the blowout preventer test passed. Production hole drilling is imminent, with logging results expected in early April. The company says COVID-19 has had no impact so far. No new result.
11 Mar 2020drilling progress report● Neutral
Charlie-1 surface hole reached about 3,500 feet and casing is being run before the 8.5-inch production hole. Routine progress with no new result.
3 Mar 2020drilling spud▲ GoodMajor
Charlie-1 began drilling at 0600 on 2 March 2020 Alaska time, the well 88E has built toward since 2016. Premier funds costs up to US$23m. Targets total 1.6bn barrels gross (480 MMBO net) prospective; flow testing is expected to finish in April.
26 Feb 2020other● Neutral
Corporate governance statement for 2019: the board does not use separate committees, with the full board covering those duties. Administrative disclosure with no new operational or financial information.
26 Feb 2020annual report● Neutral
2019 annual report. The chairman's letter says the rig is on location for Charlie-1 (1.6bn barrels gross, 480 MMBO net mean prospective), and notes Winx-1 failed and the Premier farm-out was done. Financial figures are not visible in the provided text.
26 Feb 2020admin correction● Neutral
Appendix 4G for the year to 31 December 2019, lodged with the annual report. It points to the corporate governance statement on the company website. Administrative filing with no new operational or financial information.
24 Feb 2020investor presentation● Neutral
February 2020 presentation says rig is mobilised, ice road complete and permits approved, spud imminent. Logging results expected late March or early April, with flow tests to follow. Snapshot: cash A$28m including JV funds, 7,109m shares. No new results.
12 Feb 2020drilling progress report▲ Good
The Permit to Drill was approved on 11 February, so all permits for Charlie-1 were in hand. The ice road was over 80% complete, rig mobilisation was due in about 10 days, and spud remained on track for late February.
3 Feb 2020capital raising announcement● Neutral
Administrative follow-up confirming the 238,095,240 shares issued at A$0.021 for A$5.0m. The 93.2m shares under the 7.1A capacity diluted holders by 1.34%. Commission was 6% plus a A$50,000 management fee.
What it means for a shareholder
238m new shares at A$0.021 to raise about A$5.0m. That's 3.3% dilution: every existing holder's slice gets 3.3% smaller. If you held A$1,000 of shares (47,619 at the issue price), your slice goes from 0.000693% to 0.00067% of the company. To keep it you'd need 1,650 more shares - about A$35 at the issue price.
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24 Jan 2020capital raising announcement● NeutralMajor
Placement of 238 million shares at A$0.021 to raise A$5.0m, a premium to the A$0.0125 September placement. Cash was A$15.9m at 31 December 2019 including JV cash. Funds cover any Charlie-1 cost above Premier's US$23m carry; the company cites a higher well cost. Shares rise to 7.11bn.
What it means for a shareholder
238m new shares at A$0.021 to raise about A$5.0m. That's 3.3% dilution: every existing holder's slice gets 3.3% smaller. If you held A$1,000 of shares (47,619 at the issue price), your slice goes from 0.000693% to 0.00067% of the company. To keep it you'd need 1,649 more shares - about A$35 at the issue price.
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20 Jan 2020quarterly activities report● Neutral
December 2019 quarter: Premier farm-out completed 26 November and Plan of Operations approved; Permit to Drill awaited. Yukon permitting underway for possible 2021 drilling subject to farm-out. Western Blocks strategy under review. Mostly repeats earlier updates.
15 Jan 2020drilling progress report● Neutral
Ice road about 25% built. Permit to Drill submitted, approval expected late January, the last major permit. First cash calls under the farm-out received. Spud timing to be refined later.
27 Dec 2019drilling progress report● Neutral
Snow trail from the Dalton Highway is complete and ice road construction is due to start before end-2019. Charlie-1 spud remains on track for February 2020. Logistics update with no new result.
27 Nov 2019farm in farm out completion▲ GoodMajor
All conditions to the Premier farm-out were satisfied and final agreements executed 26 November 2019, closing the thread expected for end-November. Charlie-1 Plan of Operations approved 22 November; the final permit (Permit to Drill) is due in January. Spud still February 2020.
19 Nov 2019investor presentation● Neutral
November 2019 presentation repeats known facts: Premier carry up to US$23m, Charlie-1 spud February 2020 (480 MMBO net mean prospective). Snapshot shows cash A$10.1m at 30 September 2019 and 6,872m shares. No new events.
22 Oct 2019quarterly activities report● Neutral
September 2019 quarter: Premier Oil farm-out signed (60% of Area A, up to US$23m carry for Charlie-1); 88E keeps 30%. Rig secured, spud planned February 2020. Icewine-2 plugged and abandoned; Yukon lease awarded; A$6.75m raised. Mostly repeats earlier news.
15 Oct 2019drilling scheduled▲ Good
Rig contract signed with Nordic-Calista for the Charlie-1 appraisal well, with spud planned for February 2020 and flow testing to conclude by April. Two key permits remain. Premier farm-out conditions are expected to be met by end-November. Gross mean prospective resource is 1.6bn barrels.
20 Sept 2019capital raising announcement● Neutral
Confirms the 540 million shares were issued at A$0.0125 to raise A$6.75m before costs, diluting existing holders by 7.86%. Commission was 6% plus GST. Administrative follow-up to the 13 September placement.
What it means for a shareholder
540m new shares at A$0.0125 to raise about A$6.8m. That's 7.8% dilution: every existing holder's slice gets 7.8% smaller. If you held A$1,000 of shares (80,000 at the issue price), your slice goes from 0.00126% to 0.00116% of the company. To keep it you'd need 6,782 more shares - about A$85 at the issue price.
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13 Sept 2019capital raising announcement● NeutralMajor
Placement of 540 million shares at A$0.0125 to raise A$6.75m, on top of A$6.5m cash at 30 June 2019. Funds cover possible Charlie-1 costs above Premier's carry, lease rentals, loan interest and new ventures. Issue price is below the A$0.018 raised at in late 2018. Shares on issue rise to 6.87bn.
13 Sept 2019half year report● Neutral
Half-year report to 30 June 2019 restates the period's events: Winx-1 failure, Icewine preferred bidder and approvals, and the Premier farm-out signed 23 August. The visible text shows no financial figures. Largely a repeat of earlier announcements.
2 Sept 2019investor presentation● Neutral
September 2019 investor presentation; the visible text is only the cover and legal disclaimers. No new figures or events can be confirmed from the text provided.
23 Aug 2019farm in farm out agreement▲ GoodMajor
Premier Oil signed to farm into 60% of Icewine Area A, paying up to US$23m for the Charlie-1 appraisal well in Q1 2020. 88E keeps 30% and Burgundy 10%. Resolves the farm-out thread begun in March; Premier may earn 50% of Area B or C for US$15m.
6 Aug 2019material agreement▲ Good
88 Energy and Burgundy signed an exclusivity agreement with the Icewine preferred bidder until 31 August 2019. The bidder pays a US$500,000 fee, non-refundable unless the JV parties cause the deal to fail, to fund early 2020 drilling costs. Final farm-out terms are still being agreed.
31 July 2019quarterly activities report● Neutral
June 2019 quarter: Icewine farm-out due diligence complete and farminee approvals done; final Winx-1 cost was US$14.3m, US$0.5m under budget. The US$1.2m net performance bond was refunded. HRZ formal farm-out deferred to 2H 2019. Mostly repeats earlier updates.
26 June 2019farm in farm out agreement▲ Good
The Icewine conventional farminee has completed internal approvals, including board sign-off. The deal still needs closing documents and standard conditions precedent. Well planning for 2020 drilling is ramping up. The partner is not named here.
23 May 2019joint venture update▼ BadMajor
Icewine conventional farm-out nears a decision in June, but no guarantee. HRZ shale: Icewine#2 site (Franklin Bluffs) is now seen as marginally outside the revised fairway, and the formal farm-out slips to 2H 2019. Western Blocks reprocessing tender in 3Q.
18 Apr 2019quarterly activities report● Neutral
March 2019 quarter: Winx-1 plugged and abandoned 18 March, costs expected on or slightly under budget. Icewine conventional farm-out targeted for Q2 with a preferred bidder. Expected cashable Alaska tax credits US$19.1m versus US$15.4m debt outstanding.
15 Apr 2019investor presentation● Neutral
AGM presentation slides for April 2019; the visible text is only the cover and legal disclaimers. No new figures or events can be confirmed from the text provided.