Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Apr 2017capital raising announcement● Neutral
Armour issued 13,157,895 shares at 7.6c in the placement, about $1m, with a 6% fee payable to Bizzell Capital Partners. The 2,070,005 shares issued under the 7.1A capacity dilute holders by 0.62%. Funds go to the Kincora restart. Note: the text also states $0.76, which looks like a typo.
6 Apr 2017capital raising announcement● Neutral
Armour paid the interest on its convertible notes to 31 March 2017 by issuing 5,620,358 more notes at $0.11 rather than cash. This preserves cash but adds to notes on issue, now 179,081,543, convertible into shares one for one.
3 Apr 2017resource reserve update▲ GoodMajor
Armour booked its first independently verified Kincora reserves: 2P of 56.8 PJ gas, 565 kbbl condensate and 117 kt LPG, upgraded from part of the earlier contingent resources. Gas sales and pipeline agreements underpinned the upgrade. First gas still targeted June 2017.
15 Mar 2017half year report● Neutral
Half-year to 31 Dec 2016 loss was $4.24m (prior period $5.66m). Highlights restate known events: Emu Apple oil restart (42.1 bbl/d average), Santos pre-emption, APLNG gas sales, up to $40m raise and the AEGP settlement. Visible text shows no new developments.
9 Mar 2017security holder rights change● Neutral
4,000,000 unlisted options lapsed following the former CEO's resignation. Shares remain 322,858,077 and convertible notes 136,120,363.
6 Mar 2017material agreement▲ GoodMajor
Armour signed a ten-year connection agreement with APA Group for up to 30 TJ/d into the Roma Brisbane Pipeline at Wallumbilla, needed to deliver gas to Australia Pacific LNG. First gas still targeted for June 2017. Pipeline access was a condition for MH Carnegie's next $5.0m tranche.
24 Feb 2017security holder rights change● Neutral
2,330,000 unlisted employment options exercisable at 26 cents expired. Shares on issue remain 322,858,077; convertible notes remain 134,620,363.
6 Feb 2017security holder rights change● Neutral
1,900,000 unlisted employment options exercisable at 20 cents expired unexercised. Capital structure shows 322,858,077 shares and 25.83m options, plus 134.6m convertible notes on issue.
31 Jan 2017quarterly activities report● Neutral
Quarter to 31 December 2016: net oil output 2,744 bbl, revenue about $134,000. Covers the Santos pre-emption, APA LNG gas sales deal and capital raising, with Santos' PL264 (Emu Apple) completion expected Q1 2017. First gas is targeted for June 2017.
16 Jan 2017director officer appointment● Neutral
Karl Schlobohm's term as alternate for director Bill Stubbs has ended, as expected from the 24 November appointment. Administrative only.
22 Dec 2016contract award▲ GoodMajor
Armour signed gas sales agreements with Australia Pacific LNG for a minimum five years, with contracted volumes of up to 3.65 PJ/a and pricing certainty on 1.8 PJ/a. First gas is now targeted for June 2017, later than the mid Q1 2017 stated three days earlier.
19 Dec 2016production update● Neutral
Armour consolidated its Kincora restart into two phases. Phase 1 ramps gas to 9 TJ/d, with first gas targeted mid Q1 2017 and restart completion by end Q2 2017. Phase 2 targets 20 TJ/d over 12-18 months. This is a change from the earlier three-phase plan.
16 Dec 2016capital raising announcement▲ GoodMajor
MH Carnegie signed definitive agreements for up to $18.25m of convertible notes and paid the first $2.5m. A further $10.8m was subscribed by related parties, including DGR's $9.4m in part repayment of its loan. Notes are 15%, convertible at $0.11, due September 2019.
16 Dec 2016admin correction● Neutral
Re-release of the 16 December capital raising update to correct Appendix A. The visible text of the announcement is identical, so no new substance appears in what was provided.
14 Dec 2016investor presentation● Neutral
Acting CEO Roger Cressey's AGM presentation reviews the year since late 2015, including the WestSide bid, the AEGP dispute and the Kincora restart. Visible text is a disclaimer and a recap of known announcements; no new information shown.
14 Dec 2016debt financing● Neutral
Armour signed a $1.3m unsecured loan at 15% with Bizzell Capital Partners, linked to director Stephen Bizzell, covering about $800,000 already advanced. At least $500,000 will go into convertible notes after AGM approval. Director Mather also gave up to $100,000 short-term at 15%.
6 Dec 2016asset acquisition disposition▲ GoodMajor
Armour exercised its pre-emptive rights to buy Santos' interests in Roma Shelf tenements. On completion it rises to 100% of five leases around the Kincora Gas Plant and increases its stake in four others. Conditions precedent remain unsatisfied and the price is not stated.
24 Nov 2016director officer appointment● Neutral
Non-executive director Bill Stubbs, travelling, appointed Company Secretary Karl Schlobohm as his alternate director until 16 January 2017. A temporary administrative arrangement with no change to the board's makeup.
21 Nov 2016capital raising announcement● NeutralMajor
Armour launched a recapitalisation of up to $40m: convertible notes of up to $35m at 15%, with MH Carnegie committing up to $17.5m, plus a 1-for-6 entitlement offer at 7.6c raising about $4.05m. DGR would take $10.4m of securities in part repayment of its loan. Subject to definitive agreements and shareholder approval.
21 Nov 2016agm notice● Neutral
Dispatch confirmed of the notice for the 14 December 2016 AGM, with the explanatory memorandum covering the recapitalisation resolutions flagged on 21 November. Resolutions include the remuneration report, Bill Stubbs' re-election, an employee option plan and a grant of options to Nicholas Mather. Mostly administrative.
4 Nov 2016agm notice● Neutral
ASIC consented to Armour deferring its 2016 AGM, provided it is held by 14 December 2016. Armour cited the length and complexity of the meeting materials and the cost saving over separate AGM and EGM meetings. Administrative.
1 Nov 2016quarterly activities report● Neutral
Quarter to 30 September 2016: on title for all Kincora tenements, oil restarted at Emu Apple, and AEGP shares sold for about $3m. Roger Cressey is acting CEO. The DGR loan was extended to 31 December, and phase 2 funding is still being negotiated. Market value $25.8m at 8c.
28 Oct 2016annual report● Neutral
Annual report for 2015/16 sent to shareholders, repeating the statutory accounts and chairman's letter released on 30 September. No new information in the text provided.
30 Sept 2016annual report● Neutral
Full-year statutory accounts to 30 June 2016. The visible text is the chairman's letter, which repeats known events: Kincora acquisition, first oil, the AEGP settlement and about $3m from the share resale. Financial figures are not in the text provided.
30 Sept 2016other● Neutral
Annual corporate governance statement, dated 27 September 2016, describing board practices against ASX principles. Administrative, with no new business information.
30 Sept 2016director officer appointment▼ BadMajor
CEO Robbert de Weijer, in the role since July 2013, resigned. Chief Operating Officer Roger Cressey, with Armour since 2011, becomes interim CEO until the position is reconsidered. No reason for the resignation is given.
28 Sept 2016debt financing● Neutral
DGR Global extended its bridging loan to Armour by three months to 31 December 2016, at 15% with other terms unchanged. Armour is still negotiating with third-party financiers. Duplicates Armour's own announcement of the same day.
28 Sept 2016debt financing● Neutral
Armour secured a three-month extension of the DGR bridging loan to 31 December 2016, at 15% with other key terms unchanged. Talks with other financiers continue; the loan is still unrepaid. This is the third extension since May.
23 Sept 2016production update▲ Good
Armour shipped its first load of crude from Emu Apple, about 333 bbl by road tanker. Production began 17 August and is now steady at 42 bpd, slightly below the 50 bpd first reported. Operating cost, including transport, is $21.50 per barrel.
2 Sept 2016asset acquisition disposition▲ GoodMajor
Transfer of the last Kincora tenement, ATP647, from Origin is complete, so Armour is on title for all 17 production licences, 3 exploration licences and 4 pipeline licences. This meets the 31 August deadline. Armour cites 105 PJ of 2C contingent gas; conversion to reserves depends on restart.
