Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2008drilling scheduled▼ Bad
Operator Empire says flooding (over 508mm of rain in 48 hours) has delayed the Lake MacLeod and Star Finch wells. Drilling is now estimated for June 2008, with Star Finch 1 first, then Lake MacLeod 1. This pushes back the earlier April-May timing.
24 Apr 2008other● Neutral
ANZ's schedule as at 23 April 2008 shows its Opes Prime-related DVM interest unchanged at 18,935,067 shares (9.895%), still on pre-consolidation share numbers. No company action.
17 Apr 2008other● Neutral
ANZ's schedule as at 16 April 2008 shows its Opes Prime-related DVM interest still 18,935,067 shares (9.895%).
16 Apr 2008other● Neutral
ANZ's schedule as at 15 April 2008 shows its Opes Prime-related DVM interest still 18,935,067 shares (9.895%).
15 Apr 2008other● Neutral
ANZ's schedule as at 14 April 2008 shows its Opes Prime-related DVM interest still 18,935,067 shares (9.895%).
14 Apr 2008other● Neutral
DVM confirms no directors or executives have margin loans over company shares with Opes Prime, following that broker's collapse. This addresses the concern that forced selling of director shares could hit the stock.
14 Apr 2008other● Neutral
ANZ says its Opes Prime-related interests are unchanged as at 11 April 2008, so DVM stays at 9.895%. The notice only corrects the share count for Citadel Resources, not DVM.
11 Apr 2008other● Neutral
ANZ's schedule as at 10 April 2008 shows its Opes Prime-related DVM interest unchanged at 18,935,067 shares (9.895%).
10 Apr 2008other● Neutral
ANZ's schedule as at 9 April 2008 shows its Opes Prime-related DVM interest at 18,935,067 shares (9.895%), a small further fall.
9 Apr 2008other● Neutral
ANZ's schedule as at 8 April 2008 shows its Opes Prime-related DVM interest down to 19,004,477 shares (9.931%), slipping below 10%.
8 Apr 2008other● Neutral
ANZ's updated Opes Prime schedule as at 7 April 2008 shows its DVM interest unchanged at 19,270,977 shares (10.070%).
7 Apr 2008other● Neutral
ANZ discloses it holds 19,270,977 DVM shares (10.07%) through securities lending with Opes Prime, which has been placed in receivership. ANZ has begun a disposal programme for such shares. Pre-consolidation figures; no DVM company action.
7 Apr 2008director officer appointment▲ GoodMajor
After shareholders approved the switch to oil exploration, Leith Wales and Howard Dawson join the board, replacing Steven Nicols and Anthony Crimmins. Chris Rowe takes over as chairman from Robert Marusco. Management says it is speeding up its search for new projects.
7 Apr 2008security holder rights change● Neutral
Final consolidation timetable after shareholders approved the change at the 4 April 2008 meeting. Shares are suspended, and re-quotation is unlikely before 28 April 2008.
4 Apr 2008security holder rights change● NeutralMajor
ASX circular confirms the one-for-seven share consolidation is effective 7 April 2008, with fractions rounded up. The company remains suspended after shareholder approval, with new holding statements due 16 April.
3 Apr 2008security holder rights change● Neutral
Indicative timetable for the proposed share consolidation if approved at the 4 April 2008 meeting. Re-quotation of the shares is unlikely before 28 April 2008.
28 Mar 2008annual report● Neutral
Full 2007 annual report with the CEO's message on the shift to oil and gas exploration, with two wells planned for the second quarter of 2008. Shareholders vote on the change at a meeting on 4 April 2008. Figures match the earlier preliminary report.
28 Mar 2008director officer appointment▲ GoodMajor
Christopher Rowe, former executive chairman of Cultus Petroleum, is appointed chairman, joining the board on 5 April 2008 after the shareholder meeting. He plans to help expand the exploration portfolio, including projects outside Australia.
5 Mar 2008investor presentation● NeutralMajor
Notice of meeting pitches the switch to oil and gas, citing oil near US$100 a barrel. DVM would commit $800,000 to the two wells. Shareholders vote on the change, a one-for-seven share consolidation and share issues to Ivan Burgess.
29 Feb 2008annual report▼ Bad
Preliminary 2007 results: loss of $942,000 on revenue of $139,000, versus a $307,000 loss in 2006. The loss includes $411,000 of due diligence costs and a $200,616 XDK impairment. Cash was $3.579m, no debt, and the XDK stake is now carried at nil.
26 Feb 2008regulatory community update▲ GoodMajor
DVM confirms the Western Australian government granted joint venture permits EP 460 and EP 461 on 21 February 2008 after native title settlement. This clears the way for Star Finch 1 and Lake MacLeod 1 to drill back-to-back from April-May 2008, as DVM is a participant.
26 Feb 2008regulatory community update▲ Good
Empire, the operator, announces the Western Australian government granted permits EP 460 and EP 461 on 21 February 2008 for an initial six-year term. These cover the Star Finch and Lake MacLeod wells. DVM's stake is 20% and 10%.
15 Feb 2008material agreement termination▼ BadMajor
DVM drops the Holloman Eromanga Basin deal because due diligence was not to its satisfaction. It still plans a shareholder meeting to become an oil and gas explorer, resting on the Western Australian wells and other projects being evaluated.
14 Feb 2008farm in farm out agreement▲ Good
Empire Oil & Gas, the operator, confirms the DVM farm-in on the same terms. It says DVM's funding means both the Lake MacLeod-1 and Star Finch-1 wells are fully funded, to be drilled back-to-back in April-May 2008.
13 Feb 2008farm in farm out agreement▲ GoodMajor
DVM farms into three Carnarvon Basin permits with Empire Oil & Gas in Western Australia. It pays 40% of Star Finch 1 for 20%, and 20% of Lake MacLeod 1 for 10%. Wells are planned for April-May 2008. Potential: 50 bcf gas at Star Finch and up to 150m barrels oil at Lake MacLeod, if present.
24 Dec 2007farm in farm out agreement● NeutralMajor
Change of direction to oil and gas: Heads of Agreement to acquire from Holloman Energy farm-in rights to earn 66.7% of three Eromanga Basin permits in South Australia. Consideration is 50m shares and 50m 5c options, plus a 62.5m share placement at 4c. Needs shareholder approval; drilling expected mid-February 2008.
6 Nov 2007director officer appointment● Neutral
Non-executive director Joshua Khiu resigns with immediate effect. He joined in March 2007 and was seen as suited to managing the XDK China investment. No reason is given.
5 Nov 2007director officer appointment● NeutralMajor
Ivan Burgess, a geologist with 30 years' experience, becomes CEO and director, with a new Perth office. Robert Marusco becomes Chairman as Ross Kestel resigns. Burgess will also review the 17.5% XDK China stake and seek new projects.
30 Aug 2007half year report▼ Bad
Appendix 4D for half-year to 30 June 2007: loss of $802,366 on revenue of $40,125. The loss includes a $200,616 impairment on the XDK investment, $86,280 of XDK due diligence costs and a $311,835 value for the options issued for the XDK introduction. No dividends.
30 Aug 2007half year report▼ Bad
Half-year accounts to 30 June 2007 showed a loss of $802,366, cash of $3.67m, net assets of $3.71m and no debt. The XDK stake was written down from $1.25m to $1 after a $1.007m capital return, an impairment and a share of loss.
