Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2016capital raising announcement▲ GoodMajor
The 40,063,785 Armour shares taken over in the AEGP settlement were resold to institutional and sophisticated investors at 7.6c, raising about $3.05m. Proceeds go to final payments owed to Origin and working capital. This resolves the share disposal flagged on 16 August.
22 Aug 2016production update▲ GoodMajor
Oil production restarted at Emu Apple on the Kincora assets, at about 50 bpd, with restart work completed well below budget. It is Armour's first cash flow, following the July restart plan. Gas restart is still targeted by end 2016.
16 Aug 2016farm in farm out completion▼ BadMajor
Armour settled with AEGP after the court win. AEGP could not perform following Aubrey McClendon's death. The farm-out ends, Armour keeps 100% of its NT tenements and takes over AEGPAS, which holds 40,063,785 Armour shares (12.99%, about $3.5m), for disposal. No US$13m cash is received.
4 Aug 2016director officer appointment● Neutral
CEO Robbert de Weijer's term as alternate for director Roland Sleeman ended on 4 August 2016. Administrative notice with final interest statement.
29 July 2016debt financing● Neutral
Armour secured another two-month extension of the DGR bridging loan, to 30 September 2016, at 15% with other terms unchanged. Third-party financing talks continue; the loan remains unrepaid.
29 July 2016debt financing● Neutral
DGR's release: the loan to Armour is extended two months to 30 September 2016 at 15%, other key terms unchanged. Duplicates Armour's announcement of the same day.
29 July 2016quarterly activities report● Neutral
Quarter to 30 June 2016: Armour is on title for all Kincora tenements except ATP647, due by 31 August. It also reports the 510% resource upgrade, the restart plan, the court win on the NT farm-out, and preferred tenderer status for a Ugandan licence. Market value $30m at 9.5c.
21 July 2016investor presentation● Neutral
CEO presentation at the Noosa conference, framing Armour's shift to a production company, with five projects including Kincora and McArthur Basin. Repeats known information; the text is truncated.
21 July 2016production update● NeutralMajor
Armour set out a three-phase plan for the Kincora project: first gas of about 5 TJ/d by end 2016, then stimulations to about 10 TJ/d, then 4 new and 3 deepened wells in 2017 to reach at least 15 TJ/d. Funding is still being negotiated and gas sales are not yet agreed.
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.
29 Apr 2016quarterly activities report● Neutral
Quarter to 31 March 2016: Roma Shelf assets settled except one ATP, with title transfers still in progress; oil start-up now expected within 4 months. The NT farm-out dispute with AEGP has been heard and judgment is awaited. Market value $26m at 8c.
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 2016quarterly activities report● Neutral
Quarter to 31 December 2015: the AEGP farm-out is in dispute, with completion requested for 2 February. AEGP now holds 12.46% after its bid. Most Roma Shelf agreements completed except ATP647; the DGR loan interest cut to 15%. 321.6m shares, market value $32m at 10c.
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.
