Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Jan 2018production update▲ GoodMajor
The Kincora Gas Plant is fully operational after the LPG system restart. Existing wells are now producing gas, LPG and condensate, with gas rising from 5 to 9 TJ/day. M.H. Carnegie's further $5m is confirmed, taking its total to $13.25m. About 3 Myall Creek wells are planned for 2018.
18 Dec 2017admin correction● Neutral
Link Group notice that its Brisbane address for shareholder enquiries has changed to Level 21, 10 Eagle Street, effective 18 December 2017. Armour is one of many listed companies named. Administrative; no substance for Armour.
21 Nov 2017investor presentation● Neutral
CEO presentation at the 21 November 2017 AGM, recapping the year's announcements, including the M.H. Carnegie-led capital raising, Santos asset purchase and APLNG gas sales agreement. Repeats known facts; visible text shows no new information.
20 Nov 2017director officer appointment● Neutral
Eytan Uliel joins as a non-executive director. He is Commercial Director of Bahamas Petroleum, a former CFO of Dart Energy, and formerly worked at Carnegie, Wylie & Company. He adds a sixth board member.
31 Oct 2017quarterly activities report● Neutral
September 2017 quarter report: first gas sales achieved, Uganda licence granted with DGR funding, and the $4.25m rights issue closed. A further $985,000 was raised via notes. Shares on issue were 394.2m, with 321.7m convertible notes. Routine quarterly repeating known events.
30 Oct 2017asset acquisition disposition▲ GoodMajor
Armour is preferred tenderer for 365 sq km tender area PLR2016/2017-1-2 on the Roma Shelf, to be awarded for nil consideration. It adjoins PL71 and the Ungabilla block, so any gas found can reach the Kincora plant. Newstead gas is now selling at 5 TJ/day.
19 Oct 2017annual report● Neutral
Full 2016/17 annual report, lodged after the earlier chairman's-statement version. The chairman says restart works are almost complete. M.H. Carnegie has invested $8.25m in notes, with a further $5m conditional. Financial figures are not in the visible text.
18 Oct 2017capital raising announcement▲ GoodMajor
The $4.25m entitlement offer closed with about 94% take-up; the roughly $0.25m shortfall went to DGR Global as sub-underwriter. Armour will place up to a further $1m at 7.6c. The DGR debt facility is now fully extinguished and its security released.
5 Oct 2017other● Neutral
DGR Global's business update restates Armour news already released: the Uganda Kanywataba licence (Armour 16.82%, DGR 83.18%, DGR funding two years) and Kincora first gas sales. Mostly about DGR's other holdings; DGR is stated as owning 23% of Armour. No new Armour information.
29 Sept 2017production update▲ GoodMajor
Commercial gas sales from Kincora began on 29 September 2017, ending the restart wait. Sales to APLNG target 5 TJ/day from Newstead storage (2.3 PJ). The wet gas circuit is due December 2017, lifting output to 9 TJ/day.
28 Sept 2017annual report● Neutral
Annual report for the year to 30 June 2017. The chairman says Kincora restart works are almost complete, with production expected shortly. M.H. Carnegie has invested $8.75m in notes and committed a further $5m, conditional. Visible text shows no financial figures.
28 Sept 2017annual report● Neutral
Corporate governance statement and Appendix 4G for FY17, approved 28 September 2017. It describes board roles and says the company departs from some ASX recommendations given its size. Administrative; no new financial or operating information in the visible text.
22 Sept 2017capital raising announcement● Neutral
Armour dispatched the entitlement offer booklet to eligible shareholders. The 1-for-6 offer at 7.6c, about $4.26m, is fully underwritten. Administrative notice; no new terms.
19 Sept 2017production update▲ GoodMajor
Phase 1 gas production has begun with the dry gas circuit at the Kincora plant recommissioned. Newstead gas sales at 5 TJ/d are on schedule for end September, rising to 9 TJ/d once the wet gas circuit is done in December 2017.
19 Sept 2017asset acquisition disposition▲ GoodMajor
Armour was granted the Kanywataba exploration licence in Uganda, ending its preferred-tenderer wait. Armour's beneficial interest is 16.82% and DGR Global's is 83.18%, with DGR paying the first two years' costs. Armour estimates 646-969 MMbbl of unrisked prospective oil in place.
15 Sept 2017capital raising announcement● Neutral
Notice to shareholders outside Australia, New Zealand, Hong Kong, Singapore and the British Virgin Islands that they cannot take part in the entitlement offer. Administrative; no new information. The letter cites an incorrect 31 August record date.
15 Sept 2017capital raising announcement● Neutral
Cover letter to eligible shareholders repeating the entitlement offer terms: 1-for-6 at 7.6c, about $4.26m, underwritten by Bizzell, closing 13 October. No new information.
14 Sept 2017capital raising announcement● Neutral
Offer booklet for the 1-for-6 non-renounceable entitlement offer at 7.6c, raising up to about $4.25m, fully underwritten by Bizzell Capital Partners. It closes 13 October 2017. This is the offer flagged earlier; the booklet states the shares should be considered speculative.
14 Sept 2017capital raising announcement● Neutral
Notice to optionholders about the 7.6c entitlement offer. Options carry no participation rights and would need exercising before the record date; exercise prices are above the share price, so action is unlikely. Repeats known terms. The letter's record date (15 Sep) conflicts with the 19 Sep stated elsewhere.
14 Sept 2017capital raising announcement● NeutralMajor
Armour launches the 7.6c entitlement offer: about 56.0m new shares to raise roughly $4.26m, underwritten by Bizzell (a director-controlled entity). Shares would rise to about 392.0m. Funds go to the Kincora restart, creditors and working capital.
What it means for a shareholder
56.0m new shares at about A$0.0761 to raise about A$4.3m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (13,146 at the issue price), your slice goes from 0.00391% to 0.00335% of the company. To keep it you'd need 2,191 more shares - about A$167 at the issue price.
Create a free account to see this worked out for your own holding.
14 Sept 2017joint venture update● NeutralMajor
DGR Global says it will hold 83.18% of the Uganda Kanywataba Block and Armour 16.82%. DGR funds the first two years' costs, including US$1.98m of exploration commitments. This reduces Armour's exposure and cost in the Uganda licence it won as preferred tenderer.
13 Sept 2017material agreement▲ GoodMajor
Armour says pipeline testing confirmed PPL3 meets compliance, so first Kincora gas is still expected by end September 2017, subject to APLNG's gas transport condition. M.H. Carnegie committed a further conditional $5m of notes; $32.7m of $45m notes issued. Uganda licence expected September.
17 Aug 2017production update● Neutral
Kincora restart is on track for first gas from Newstead storage by end of September 2017, subject to a pipe material test on a 300m section of PPL3. The APLNG sales deal still awaits a gas transport condition. Phase 2 drilling comes around end Q1 2018.
31 July 2017quarterly activities report▼ Bad
June 2017 quarter: net oil 3,531 bbl, cash revenue about $217,000. Santos pre-emption fully completed and ATP 647 acquired. First gas has slipped from June to September 2017, with restart completion October. Notes on issue rose to 300.7m.
8 June 2017director officer appointment● NeutralMajor
Matthew Beach, a partner at M.H. Carnegie & Co, joined the board as a non-executive director, as that investor's nominee. Carnegie is the lead noteholder in the recapitalisation, so it now has a board seat.
31 May 2017asset acquisition disposition▲ GoodMajor
Armour bought QGC's interest in ATP 647 on the Roma Shelf, taking it to 100%. The block sits next to the Myall Creek field. Armour sees the suspended Myall Creek East 1 well as a candidate for stimulation. No price stated.
31 May 2017agm notice▲ Good
All eight resolutions at the 31 May extraordinary general meeting passed. They covered ratifying earlier note and placement issues and approving further notes to Bizzell, Mather and DGR, plus options for Matthew Beach and M.H. Carnegie. This clears the way for the remaining capital raising.
30 May 2017capital raising announcement▲ GoodMajor
Conditions were met for M.H. Carnegie's second tranche, triggering $5.75m of subscriptions plus about $7m from other investors pending shareholder approval. Noteholders and trustee approved the increase to $45m. The entitlement offer is expected within a month.
1 May 2017quarterly activities report● Neutral
March 2017 quarter: net oil 3,339 bbl gross (Armour 90% share 3,005 bbl), revenue about $186,000. Santos PL264 completion slipped to Q2 2017, and first gas is still targeted for June 2017. Shares on issue are now 336.0m and notes 179.1m.
26 Apr 2017capital raising announcement▲ GoodMajor
Armour is lifting its convertible note issue by up to $10m to $45m, taking the total raising to over $50m. A $1m placement at 7.6c is done; the 1-for-6 entitlement offer at 7.6c (about $4.25m, Bizzell underwritten) follows. $19m of notes subscribed so far.
