15 Sept 2015annual report● Neutral
Armour relodged its 2015 full-year accounts because the 2 September version omitted two pages, the BDO auditor's report attachment. The company says there are no content changes. Administrative only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Sept 2015business combination● Neutral
Marked-up replacement bidder's statement showing changes to WestSide's 31 August document. The 12c offer (A$36.6m) is unchanged and still conditional on the AEP farm-out not proceeding; wording is updated. Offer dated 14 September, closing 15 October unless extended.
14 Sept 2015business combination● Neutral
Clean version of WestSide's replacement bidder's statement. The 12c cash offer (A$36.6m) is unchanged, still conditional on the AEP farm-out not proceeding and 50.1% acceptances. Repeats the marked-up version; no new terms.
14 Sept 2015business combination● Neutral
WestSide says Armour's binding AEP agreements breached two conditions of its 12c bid, entitling it to withdraw. It has not yet decided and reserves the right to withdraw or let the offer lapse. The bid's survival is still uncertain.
11 Sept 2015debt financing● Neutral
Armour says it plans to fund the $13m Roma Shelf purchase from cash plus debt. Major shareholder DGR Global has proposed a $15m debt package, not yet signed, and Armour is in advanced talks with other financiers.
11 Sept 2015business combination● NeutralMajor
Armour says signing the binding AEP deal likely breaches a condition of WestSide's bid, so the bid may be withdrawn. The board recommends the AEP deal and rejecting the 12c offer, framing the choice for shareholders as AEP versus WestSide.
11 Sept 2015farm in farm out agreement▲ GoodMajor
Binding AEP deal signed and upsized: US$130m Phase One spend for 75% of 29.3m acres, US$13m upfront, US$3m and US$7m bonuses, and options over 24m shares. AEP also takes a 33.7m-share placement at 20c (A$6.74m). Subject to shareholder approval.
9 Sept 2015business combination● NeutralMajor
Armour's directors unanimously recommend shareholders reject WestSide's 12c bid as opportunistic and inadequate. They point to the AEP farm-out and Roma Shelf purchase as value-adding transactions, with a target's statement to follow.
2 Sept 2015asset acquisition disposition▲ GoodMajor
Armour signed agreements to buy Origin Energy's Roma Shelf assets in Queensland's Surat Basin for $10m cash plus $3m deferred. They include the Kincora gas plant and 19 production licences, with 2C contingent resources of 23 PJ gas. Oil flow is expected within a month, gas in 6-12 months. This moves Armour toward production.
2 Sept 2015annual report● Neutral
Annual report for the year to 30 June 2015. The chairman describes the AEP letter of intent and the hostile WestSide bid, which he calls opportunistic. Extract shows no new figures beyond earlier announcements.
2 Sept 2015annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, dated 2 September 2015. Administrative only.
31 Aug 2015other● Neutral
Cover letter from WestSide Corporation giving ASX notice of the date for determining who is offered shares under its off-market takeover bid for Armour. Administrative; the bid terms are in the bidder's statement.
31 Aug 2015business combination● NeutralMajor
WestSide Corporation, a subsidiary of Landbridge Group, launched an unsolicited off-market cash takeover bid at A$0.12 per share (about A$36.6m), a 76% premium to the A$0.068 close. It is conditional on the AEP farm-out not proceeding and on 50.1% acceptances.
31 Aug 2015business combination● Neutral
Armour's board tells shareholders to take no action on WestSide's unsolicited A$0.12 cash bid while it considers the offer with HopgoodGanim. The bid is conditional on the AEP deal not proceeding.
21 Aug 2015other● Neutral
DGR Global's own business update, not an Armour release. It restates the AEP letter of intent terms (US$100m spend for 75%, US$11m upfront) and notes DGR holds 25% (75m shares) of Armour. No new Armour information.
20 Aug 2015farm in farm out agreement▲ GoodMajor
Non-binding letter of intent for American Energy Partners to spend US$100m over up to 5 years for 75% of 21.5m acres of Armour's NT McArthur Basin permits. Armour is carried 100%, gets US$11m upfront plus US$7m bonus. Definitive agreements due within 3 months. This follows months of farm-out talks.
17 July 2015investor presentation● Neutral
CEO's Noosa conference presentation repeats the gas shortage and acreage story (139,000 km2). It cites $14m in cash and liquid securities and 303m shares. The extract shows no new results or deals.
15 July 2015joint venture update● NeutralMajor
Lakes Oil said Armour has served notice to move resolutions removing two Lakes directors, Executive Chairman Rob Annells and Barney Berold. A Lakes shareholder meeting is due in September 2015. Armour holds about 19.99% of Lakes, its partner in Victorian permits.
2 July 2015price query● Neutral
Asked about a price rise on 1 July, Armour said it knew of no undisclosed news. It pointed to tax-loss selling reversing, the NT gas pipeline tender, press speculation about US interest in the McArthur Basin (no talks with Armour), and the Victorian inquiry.
13 May 2015other● Neutral
DGR Global's own business update, not an Armour release. It repeats the Tawallah play and says farm-out talks on Armour's Qld and NT gas projects continue. DGR holds 25% (75m shares). No new Armour information.
7 May 2015security holder rights change● Neutral
300,000 unlisted 50c employment options expired on 7 May 2015. Administrative only.
29 Apr 2015resource reserve update▲ GoodMajor
A CSIRO study found good oil and wet-gas source rock (organic content up to 7.7%) in the Tawallah Group beneath Armour's NT permits, a new play estimated over 52,000 km2. No resource figure yet; more sampling is underway before an estimate.
20 Apr 2015security holder rights change● Neutral
625,000 employee performance shares and 625,000 performance rights expired on 20 April 2015, three years after issue. Administrative only.
17 Apr 2015investor presentation● Neutral
CEO presentation at the UGAS conference repeats the east coast gas shortage and acreage story. It shows 31 Dec 2014 cash of $1.5m plus the $9.1m net rebate, 303.1m shares, and a $17m market cap at 5.6c. No new results.
16 Apr 2015security holder rights change● Neutral
1,000,000 unlisted 50c employment options expired on 16 April 2015, three years after issue. Administrative only.
30 Mar 2015regulatory community update▲ GoodMajor
The approved R&D rebate arrived: $9.39m cash ($9.1m net of costs), resolving the January cash concern. Armour can claim again for FY15 and FY16 spending and says it strengthens its push to find partners for the next exploration stage.
13 Mar 2015half year report▼ Bad
Half-year to 31 Dec 2014: loss of $1.28m, against a $0.77m profit a year earlier. Highlights repeat known items: Egilabria 2 testing finished, Glyde 3D survey done, Otway-1 postponed by the Victorian moratorium, R&D rebate approved. Remainder of text truncated.
12 Feb 2015security holder rights change● Neutral
2,000,000 unlisted 50c employment options expired on 12 February 2015. Administrative only.
11 Feb 2015regulatory community update▲ GoodMajor
Queensland's mines department approved a lighter minimum work program for 100%-owned ATP1087, favouring gas-extraction trials and sweet-spot mapping over many expensive exploration wells. This follows the 2-year extension to 31 Dec 2018 and reduces near-term spending needs.
6 Feb 2015security holder rights change● Neutral
1,400,000 unlisted 50c employment options expired on 6 February 2015. Administrative only.