Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Jan 2015asset acquisition disposition▲ GoodMajor
Armour was named preferred tenderer for Queensland land releases PLR 2014-1-2 and 2014-1-3, adding about 5,400 km2 southwest of ATP1087, near the Lawn and Riversleigh shales. Native title agreements and environmental clearances are needed before permits are granted.
14 Jan 2015regulatory community update▲ GoodMajor
Ausindustry reversed its 26 Sep rejection and approved Armour's R&D advance finding with minor adjustments. A substantial cash rebate is expected this quarter once the tax return is processed; amount not stated. This relieves the cash concern.
2 Dec 2014security holder rights change● Neutral
4,000,000 unlisted 50c employment options expired on 1 December 2014. Administrative only.
28 Nov 2014investor presentation● Neutral
CEO's AGM presentation pitches the east coast gas shortage, 133,000 km2 of 100%-owned acreage and 'prudent capital management'. The extract shows no new results or deals.
26 Nov 2014material agreement▲ Good
Aeon Metals (the other party) announced its own non-binding MoU with Armour for possible gas supply to its Walford Creek base metals project, about 10km from Armour's tenements. Duplicate of Armour's same-day announcement; supply is subject to both projects advancing.
26 Nov 2014material agreement▲ GoodMajor
Armour signed a non-binding MOU to supply 1-2 PJ a year of gas to Aeon Metals' Walford Creek project in north-west Queensland. It is a second small gas-customer MOU after MMG's 7-9 PJ; no price or binding contract yet.
21 Nov 2014security holder rights change● Neutral
2,000,000 unlisted 50c employment options expired on 21 November 2014. Administrative only.
5 Nov 2014security holder rights change● Neutral
500,000 unlisted 50c employment options expired on 4 November 2014. Administrative only.
20 Oct 2014annual report● Neutral
Re-release of the 2014 annual report already lodged 25 Sep. The chairman's letter is repeated, calling Egilabria 2 a landmark and citing the APA agreement for up to 330 PJ a year. No new financial figures in the text seen.
17 Oct 2014investor presentation● Neutral
CEO deck for a Beijing shale gas summit, built on known material: Egilabria 2, SRK contingent resources and Asian gas demand. No new announcement or result evident in the text seen.
16 Oct 2014flow test result● NeutralMajor
Egilabria 2 flared gas continuously 30 Sep–9 Oct, annulus pressure reached 781psi and 64% of stimulation fluid was recovered, but no stable flow rate was measured. Flow stopped 9 Oct and the site was demobilised; Armour blames low test pressure.
29 Sept 2014flow test result▲ GoodMajor
Egilabria 2 now flows gas continuously through the test separator, with intermittent flaring, and annulus pressure has risen to 630psi. Flow rate is not yet measured. 57% of stimulation fluid is recovered, a step toward proving commercial flow.
26 Sept 2014regulatory community update▼ Bad
Ausindustry rejected Armour's application for an R&D advance finding, which would have brought a substantial rebate expected in Q3 2014. Armour disagrees, plans to seek reconsideration within 28 days, and the rebate amount is not stated.
25 Sept 2014annual report● Neutral
Annual report for the year to 30 June 2014. The chairman cites tough industry conditions and re-basing costs, and calls Egilabria 2 a landmark. The text seen shows no financial figures or new operating results.
23 Sept 2014drilling progress report● Neutral
Egilabria 2 is recovering stimulation fluid faster than expected, over 50% so far, with gas pressure building. The 210km NT seismic survey is deferred to mid-2015, so the 2014 NT field program is pushed back.
17 Sept 2014drilling progress report▲ Good
Armour plans a 210km seismic survey in the Northern Territory and has started a 3D survey at Glyde. ATP1087 was extended two years to end-2018. Egilabria 2 clean-up restarted with a pump, aiming at a gas flow test.
1 Sept 2014security holder rights change● Neutral
33,212,500 unlisted and 57,687,500 listed 50c options expired on 31 August 2014 unexercised, as far as the notice states. The listed options date from the 2012 IPO; no new money came in from them (inference from the notice and share price below 50c).
12 Aug 2014director officer appointment● Neutral
CEO Robbert de Weijer was appointed alternate director for Bill Stubbs, who is on holiday until 1 October 2014. A temporary administrative arrangement.
30 July 2014security holder rights change● Neutral
Armour got an ASX waiver so it need not post expiry notices for the 57,687,500 listed 50c options expiring 31 August 2014. Shares closed at 10c on 29 July, well under the 50c exercise price. Administrative.
30 July 2014admin correction● Neutral
Armour said ASX granted a waiver from sending expiry notices to holders of 57,687,500 quoted 50c options expiring 31 August 2014. Shares closed at 10c on 29 July, and a notice would be sent if the price exceeded $0.375.
17 July 2014investor presentation● Neutral
Noosa conference deck repeats known facts: cash $7.9m at 31 March, market cap $42m at 14c, the July SRK contingent resources and the MMG MOU. No new announcement.
17 July 2014material agreement▲ GoodMajor
Armour signed a non-binding MOU with MMG Century to scope gas supply of 7-9 PJ a year from its Queensland acreage to MMG's operations, including power generation. It is a first step toward early gas sales, with no binding contract or price yet.
17 July 2014admin correction● Neutral
850,000 unlisted 50c options expired after an employee left in April 2014. Administrative only.
16 July 2014resource reserve update▲ GoodMajor
SRK certified maiden contingent gas resources for Egilabria 2 DW1 (Lawn Hill Shale, ATP1087, 100% owned): 33 / 154 / 364 Bcf (1C/2C/3C), or 350 PJ at 3C, over 64 km2. It is the first booking from the Queensland shale flows; the plan is to define sweet spots before more testing.
17 June 2014admin correction● Neutral
600,000 unlisted 50c options expired after two employees left the company. Administrative only.
2 June 2014regulatory community update▲ Good
Queensland law changes give Armour's ATP1087 and ATP(a)1107 a two-year extension, lengthening work programs to six years and deferring relinquishment. Production licence applications also get simpler. The company says this should help it attract capital.
27 May 2014drilling result▲ Good
Lab results on Egilabria 2 and 4 show organic carbon up to 11% in the Lawn and Riversleigh Shales, with about 90% methane, 2% CO2 and up to 6% helium in samples. Gas desorption was confirmed but volumes were not measured. No resource change.
19 May 2014investor presentation● Neutral
May 2014 NT trade mission deck repeats known data: cash $7.9m at 31 March, market cap $48m at 16c, 43.9 Tcf prospective resource, and 2014 plans to find partners and drill up to 3 wells. No new announcement.
11 Apr 2014security holder rights change● Neutral
78,950,000 shares and 34,712,500 unlisted 50c options come out of escrow on 26 April 2014, the expiry flagged earlier. Shares on issue are 301,390,240. This frees these holders to sell, which could add selling pressure (inference).
25 Mar 2014investor presentation● Neutral
March 2014 roadshow deck restates known facts: cash $11.3m at 31 Dec 2013, about $10m tax rebate expected in Q3 2014, market cap $60m at 20c, and over 40 TCF prospective resource. Prefers to fund the next stage by partnering.
