Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 July 2016resource reserve update▲ GoodMajor
Independent SRK review lifts net 2C contingent gas at Myall Creek, Parknook, Namarah and Warroon from 15 PJ to 92 PJ (510% increase), with 105 PJ across the wider Kincora area. First gas is targeted by end 2016; reclassification to reserves depends on proving economics after plant restart.
19 July 2016director officer appointment● Neutral
Non-executive director Roland Sleeman, travelling, appointed CEO Robbert de Weijer as his alternate director from 20 July to 4 August 2016. Administrative.
18 July 2016production update▲ GoodMajor
Oil production at Emu Apple, part of the Roma Shelf Kincora assets, is scheduled to restart in August 2016, after last producing about 50 bpd in 2014. Armour's first production from the assets bought from Origin, with restart work expected below budget.
15 July 2016farm in farm out agreement▲ GoodMajor
Queensland Supreme Court ruled for Armour, ordering AEGP to complete the NT farm-out. On completion AEGP must pay US$13m and subscribe 16,888,502 shares at 20c (A$3.37m). This resolves the dispute in Armour's favour for now; the court did not bar Armour's termination right. Armour will seek costs.
5 July 2016other● Neutral
5,280,000 unlisted employee options expired after two employees left about three months earlier. Administrative.
31 May 2016debt financing● Neutral
DGR's own release of the same extension: Armour's $13m loan, now fully drawn, runs to 31 July 2016 at 15%. Duplicates Armour's announcement of the same day.
31 May 2016debt financing● Neutral
Armour secured a further two-month extension of the DGR bridging loan to 31 July 2016 at 15%. The facility is now fully drawn at its $13m limit. Third-party financing talks continue, with no new financier announced.
31 Mar 2016debt financing● NeutralMajor
DGR extended its bridging loan two months to 31 May 2016 at 15%. The facility limit was cut from $19m to $13m after a $6m repayment; $11.11m is drawn. DGR can convert debt to join any pro-rata raising. Third-party financing talks continue.
31 Mar 2016debt financing● Neutral
DGR's own release repeats that its bridging loan to Armour is extended two months to 31 May 2016 at 15%. $11.11m is drawn and the limit was cut from $19m to $13m after a $6m repayment. Duplicates Armour's 31 March announcement.
15 Mar 2016half year report▼ Bad
Half-year to 31 December 2015: loss of $5.66m, against $1.28m a year earlier. Roma Shelf assets were acquired and become a principal activity. The text is truncated; a $6m DGR loan repayment is disclosed elsewhere.
10 Feb 2016debt financing● Neutral
Armour clarifies that DGR's general security (12 January) covers company assets but excludes AEGP farm-out contracts and the NT tenements. The first-ranking Surat Basin mortgage is not yet provided. ASX granted a Listing Rule 10.1 waiver so security needs no shareholder vote.
5 Feb 2016other● Neutral
1,100,000 unlisted employee options at 10c expired, and the CEO and other staff exercised 1,300,000 options that day. Small administrative share movement.
4 Feb 2016farm in farm out agreement▼ BadMajor
AEGP failed to complete on 2 February, so Armour started separate Supreme Court proceedings seeking specific performance of the farm-out, or alternatively a right to terminate. AEGP's second share tranche at 20c is due at completion and lapses automatically if the farm-out is terminated.
29 Jan 2016farm in farm out agreement● Neutral
Armour now says all farm-out conditions are satisfied and has served AEGP a Notice to Complete for 2 February 2016. AEGP's court case seeking to bar termination is returnable 9 February; Armour will defend vigorously.
18 Jan 2016director officer appointment● Neutral
Karl Schlobohm's short-term role as alternate for non-executive director Bill Stubbs has ended. Administrative notice only.
18 Jan 2016debt financing● NeutralMajor
AEGP's partial bid closed 12 January; accepting holders are paid by 2 February. The DGR bridging loan is now secured, cutting interest from 22% to 15%, available to 31 March 2016. About $21m would arrive if the farm-out proceeds.
18 Jan 2016farm in farm out agreement▼ BadMajor
AEGP has started Queensland Supreme Court proceedings seeking a declaration that Armour cannot terminate the NT farm-out. Armour says it keeps its termination right and will vigorously defend. Returnable 9 February. The farm-out has become a legal dispute.
12 Jan 2016farm in farm out agreement▼ Bad
Armour says its 9 January notice told AEGP it had unreasonably opposed the native title deeds. AEGP did not accept them by midnight, so the condition became incapable of satisfaction. Armour may terminate or renegotiate; the bid is not conditional on the farm-out.
12 Jan 2016director officer appointment● Neutral
Non-executive director Bill Stubbs, travelling with intermittent communications, appointed company secretary Karl Schlobohm as his alternate director for the short term. Administrative.
11 Jan 2016farm in farm out agreement▼ BadMajor
AEGP says on 9 January it finished due diligence, but Armour gave notice the native title assignment condition could not be satisfied. A risk remains that either side terminates or renegotiates the farm-out, which is separate from the bid closing 12 January.
8 Jan 2016farm in farm out agreement● Neutral
Armour disputes AEGP's claim, saying the native title condition can be met by the cut-off. It says it supplied deeds signed with the Northern Land Council, and sees no substantive difference from AEGP's required form. It knows of no reason other conditions can't be met.
7 Jan 2016farm in farm out agreement▼ BadMajor
AEGP says farm-out conditions remain outstanding ahead of the 9 January cut-off, and a native title assignment is now unlikely to be met as required. Either party could then terminate or renegotiate, putting the US$130m farm-out at risk.
4 Jan 2016business combination● Neutral
A law firm lodged, for AEGP, the required notice of the status of defeating conditions for the proportional bid. The cover letter has no substance; the enclosed notice itself is not in the text.
24 Dec 2015business combination● Neutral
Armour's Target's Statement responds to AEGP's 25c cash proportional bid for 13.62% of each holding. Directors unanimously recommend accepting, absent a superior proposal. Largely formalises the recommendation already given; the remaining text is truncated.
2 Dec 2015farm in farm out completion▲ GoodMajor
AEP received FIRB approval for the farm-out and its shareholding, up to 15.95% of Armour. Closing can occur up to 9 January 2016, when AEP pays US$13m. AEP will subscribe a further $3.75m at 20c; its first 5% ($3.75m) was completed 4 November. The bid could take it to 20%.
1 Dec 2015business combination● Neutral
AEGP lodges its bidder's statement for the 25c cash proportional bid for 13.62% of each Armour holding. The offer date is 11 December 2015 and it closes 12 January 2016 unless withdrawn. Terms match those already announced.
18 Nov 2015regulatory community update▲ GoodMajor
The NT Government selected Jemena to build the $800m, 622km North East Gas Interconnector via the Northern Route, Tennant Creek to Mount Isa. It is expected to cross Armour's EP177 and EP178, giving potential market access. This resolves the open pipeline selection thread.
17 Nov 2015investor presentation● Neutral
Presentation for the 17 November AGM promotes five projects, the McArthur Basin and the AEP farm-out (up to US$130m for up to 75%), plus Roma Shelf. It repeats known terms and resource estimates. No new figures; text is truncated.
5 Nov 2015business combination● NeutralMajor
WestSide formally withdrew its takeover offer for Armour effective 5 November 2015, with ASIC consent. All acceptances are void and shareholders are free to deal with their shares. This ends the competing bid, leaving AEP's 25c proportional bid as the live offer.
2 Nov 2015asset acquisition disposition▲ GoodMajor
Queensland regulator gave indicative approval for the Roma Shelf transfer. The agreement covering Origin-owned assets is now unconditional, with completion due 13 November; payments include $5.1m at completion and $10.7m in financial assurance. Third-party joint venture parts remain conditional. Oil restart expected within 3 months of title registration.
