Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Apr 2016resource reserve update▲ GoodMajor
DeGolyer & MacNaughton's independent prospective resource for the HRZ rises to 1.4 billion barrels oil equivalent (unrisked mean, gross), with geologic chance of success up from 40% to 60%. The company's own estimate is 3.6 billion. These are undiscovered, unrisked prospective volumes. Delivers the resource report awaited since February.
30 Mar 2016well test result▲ Good
Two core samples too permeable to measure earlier were tested by a different method and show permeability about 20 times the pre-drill forecast. The 2D seismic survey has started, about 15% done. Resource report is on track for early-to-mid April.
17 Mar 2016drilling result▲ GoodMajor
Company says Phase I at Icewine is complete and its three main risks (brittleness, thermal maturity, permeability) are substantially reduced, building on the Icewine #1 core results. Phase II starts with planning for the horizontal Icewine #2H well. Bank of America approved seismic funding; resource report due mid-April.
11 Mar 2016price query● Neutral
Duplicate of the 11 March price query response: no unannounced information, core evaluation continuing, and 2D seismic on track for a March start. Share price had risen from A$0.067 to A$0.083 intraday.
11 Mar 2016price query● Neutral
Responding to an ASX price query after the share price rose from A$0.067 to an intraday A$0.083, the company says it knows of no unannounced information. It says core evaluation continues and 2D seismic remains on track for a March start.
4 Mar 2016director officer appointment● Neutral
Joint Company Secretary Amy Just resigned effective 4 March 2016. Sarah Smith remains as Company Secretary. Administrative change only.
4 Mar 2016price query● Neutral
Responding to an ASX price and volume query dated 4 March, the company says it knows of no unannounced information explaining trading. It points to the 29 February Icewine update and the 2 March annual report as possible reasons for higher volume and price.
2 Mar 2016annual report● Neutral
Annual report for the year to 31 December 2015. The chairman describes the Alaska Icewine project as a turnaround after the Morocco failure, with 272,422 gross acres (212,489 net) and Bank of America funding against Alaska rebates. Financial figures are not visible in the extract.
2 Mar 2016annual report● Neutral
Corporate governance statement says the company complies with each recommendation of the ASX Principles (3rd Edition). The board handles nomination and remuneration matters as there is no separate committee. Administrative; no new business information.
2 Mar 2016annual report● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the governance statement on the company website. No new business information.
29 Feb 2016drilling result▲ GoodMajor
Integrated core and log analysis shows 196 ft gross and 180.5 ft net pay (92%), effective porosity 11%, TOC 3.55% and hydrocarbon saturation above 70%. Icewine #1 cost US$16.61m versus US$16.58m budget. Horizontal Icewine #2H planning started; seismic cut to a cheaper 2D survey from mid-March.
17 Feb 2016listing compliance notice● Neutral
In reply to an ASX 'aware' letter, the company says the thermal maturity information was complete only at 10:32am on 15 February, and it was judged material. It says it complied with disclosure rules. ASX noted the price moved from A$0.026 to an intraday high of A$0.047.
15 Feb 2016drilling result▲ GoodMajor
Final thermal maturity analysis puts Icewine #1 in the crossover between volatile oil and condensate windows, matching pre-drill predictions. Most of the ~272,000 acres is mapped as sweetspot. Early rock mechanics look encouraging; an updated resource report is underway. Resolves the thermal maturity thread.
15 Feb 2016price query● Neutral
Responding to an ASX price and volume query, the company says it knows of no unannounced information explaining trading. It requested a trading halt to finish interpreting thermal maturity data, with an announcement due by 17 February. It points to the 10 February update, the January releases and heavy AIM trading as likely explanations.
10 Feb 2016well test result▲ GoodMajor
Permeability in all 18 HRZ core samples was several times the cutoff, and two samples were too permeable to measure. Porosity is at the upper end of expectations. Management says two of three main risks, thermal maturity and permeability, are substantially de-risked; fraccability remains. Final thermal maturity is due within 7 days.
27 Jan 2016quarterly activities report● Neutral
Quarter to 31 December 2015: Icewine #1 reached 11,600 ft, and A$3m plus A$4.4m was raised at A$0.01. Exploration spend was A$15.8m, mostly funded by A$10.84m Bank of America borrowings, with net cash A$9.567m at quarter-end. The borrowings are expected to be repaid this year from Alaska tax credits.
20 Jan 2016well test result▲ Good
Early core tests on Icewine #1 show oil or condensate leaching from the HRZ shale, liquids-rich gas throughout, and organic carbon averaging 3.5%. The company says this supports its thermal maturity modelling. Permeability, final maturity and rock mechanics results are still to come. Seismic is planned from March 2016, subject to Bank of America approval.
29 Dec 2015drilling result▲ GoodMajor
Icewine #1 reached its planned 11,600 ft total depth on 24 December within budget. Two HRZ and Pebble Shale cores recovered 97%, and early analysis suggests much of the HRZ lies in the thermal maturity sweetspot. Kuparuk sands (11,262-11,320 ft) showed up to 15% porosity, better than expected, though no closure at this location. Lab results are still pending.
21 Dec 2015drilling result▲ Good
The first HRZ core (11,075-11,165 ft) recovered 96%. Heavy gas readings during drilling conflict with no cut or fluorescence in core chips, possibly mud contamination; a gas/condensate phase is likely but it is too early to be definitive. Log analysis also upgrades conventional potential, including a 4,000-4,400 ft sandstone sequence with 18-19% average porosity.
15 Dec 2015drilling progress report▲ GoodMajor
Icewine #1 reached the top of the HRZ shale at 11,075 ft, deeper than predicted, with visible gas bleeding from cuttings and persistent oil shows. The company says depth does not affect its thermal maturity model. The SPP closed with A$4.755m of applications, scaled back about 6% to A$4.43m; A$7.43m was raised in total, taking shares to about 3.08b.
9 Dec 2015drilling progress report● Neutral
The 7-inch casing was run and cemented at 10,450 ft and the blowout preventer test passed. Drilling ahead to a 10,570 ft coring point, with two 90 ft cores planned in the next 5-7 days. The well is said to be within budget. The SPP closes 11 December.
3 Dec 2015drilling progress report● Neutral
Icewine #1 drilled to 10,400 ft, nearing the 10,490 ft casing point above the HRZ shale target. A 110 ft interval with strong gas shows looks mostly tight. Management calls heavier gas readings encouraging; coring is expected within about seven days. Also responds to a media article and reminds holders of the SPP.
30 Nov 2015drilling progress report● Neutral
The blowout preventer test passed over the weekend and the rig is running back in the hole, with drilling due to restart within hours. Depth remains 8,773 feet. The company says it is days from reaching the top of the HRZ target. No new result.
27 Nov 2015drilling progress report▲ Good
Drawworks repairs finished 25 November, with depth still 8,773 feet. The rig is pulling out of the hole for a routine blowout preventer test before drilling on. The company says it expects to stay within budget and is days from the HRZ top. This ends the repair delay.
27 Nov 2015admin correction● Neutral
ASX granted the waiver allowing the Share Purchase Plan to price at A$0.01, the placement price. Conditions: price at least the lower of A$0.01 or 80% of the recent 5-day average price, and SPP shares capped at 30% of shares on issue. Resolves the pricing question from 23 November.
24 Nov 2015drilling progress report▼ Bad
Drawworks repairs at Icewine #1 are further delayed because the manufacturer's engineer was held at the Canada/US border over visa issues. A second US engineer was mobilised and the company says costs remain within budget, with most rig and repair costs not borne by the JV. Depth remains 8,773 feet.
23 Nov 2015capital raising announcement● Neutral
Offer document for the Share Purchase Plan: eligible holders can buy up to A$15,000 of shares at A$0.01 (A$0.011 if the ASX waiver is refused), first come first served. It targets A$2m, with a combined maximum with the placement of about €5m. Mechanics of the previously announced raising.
20 Nov 2015investor presentation● Neutral
Presentation explains the acreage expansion to 272,422 gross acres (212,489 net, 78% interest) and the up-to-A$5m raising. It shows cash of A$6.2m (unaudited), rising to A$11m after the raising. Largely repeats the 19-20 November announcements.
20 Nov 2015capital raising announcement● NeutralMajor
A placement of up to 300 million shares at A$0.01 to raise up to A$3m was completed and oversubscribed. A Share Purchase Plan of up to A$2m (A$15,000 per holder) is also offered. Funds go to the new acreage deposit, seismic and working capital. This funds the 19 November acreage deal.
What it means for a shareholder
300m new shares at A$0.010 to raise about A$3.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00427% to 0.00379% of the company. To keep it you'd need 12,824 more shares - about A$128 at the issue price.
Create a free account to see this worked out for your own holding.
19 Nov 2015asset acquisition disposition▲ GoodMajor
The Icewine joint venture was high bidder on 174,240 new North Slope acres, paying a US$947,000 non-refundable deposit. Total cost is about US$5.5m, subject to formal award. Gross acreage rises to 272,242 acres; the company says HRZ potential is over 2 billion barrels recoverable (internal estimate). A small raising is planned.
