7 Mar 2014other● Neutral
Armour announced Bell Potter began research coverage and Morgans issued a new report. The CEO repeats that its 100% northern acreage lets it bring in partners. No new company data.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Mar 2014admin correction● Neutral
Armour corrected two financial pages of its October 2013 annual report (balance sheet and Note 12) for graphic-design typos. The 26 September 2013 statutory accounts are stated to be accurate. Administrative only.
21 Feb 2014half year report● Neutral
Half-year to 31 Dec 2013 shows a profit of $772,249, versus a $1,486,079 loss a year earlier. It restates the Egilabria, Lamont Pass and PRL2 events already known. No new operating results visible in the text seen.
21 Feb 2014other▼ BadMajor
Armour is cutting overheads: directors take a 33% fee cut, management 20% of pay in shares, saving about $1.2m a year. Director Jeremy Barlow resigned. Cash was about $11.3m at end 2013; it is in talks with parties to partner its northern acreage.
24 Dec 2013joint venture update● Neutral
Lakes Oil notes it received Armour's letter 'purporting to exercise' its right to match the terminated Beach farm-in over PRL2. It adds that the $10m Phase 1 fracture stimulation is prohibited under Victoria's fracking moratorium. Suggests Lakes may not fully accept the exercise (inference).
23 Dec 2013farm in farm out agreement● NeutralMajor
Armour exercised its right to farm into Lakes Oil's PRL2 (Gippsland), taking operatorship and an initial 15% interest, with a $10m work program in 12 months and an option to reach 50% with a further $40m. Work is suspended by Victoria's fracking moratorium; it seeks revised terms and can withdraw at no cost.
6 Dec 2013drilling result▲ GoodMajor
Lamont Pass 3 reached 1,275m and was plugged and abandoned; the company reported an oil and gas discovery to the NT regulator based on 520m of oil-bearing Barney Creek Shale. Egilabria 2 flowback stopped at 45% fluid recovery for a long pressure build-up test; rigs demobilised for the wet season, work resumes 2014.
29 Nov 2013investor presentation● Neutral
Executive Chairman Nick Mather's AGM presentation argues Queensland gas faces a supply shortfall and compares Armour's share price history with Arrow Energy's. It largely restates known projects. No new figures or results visible in the text seen.
28 Nov 2013resource reserve update▲ GoodMajor
Third-party SRK Consulting lifted NT conventional gas mean prospective resources from 322 PJ to 3,496 PJ (2,870 Bscf), across 55 prospects and leads in EP171, 176 and 190. This supersedes D&M's 264.4 Bscf over 23 targets. Unrisked prospective, not contingent or reserves; 18.8 Tcf unconventional unchanged.
13 Nov 2013drilling result▲ GoodMajor
Lamont Pass 3 (EP190) intersected oil-bearing Barney Creek Shale from 260m to 780m, drilling at 922m toward about 1,200m. The company says this extends the oil window to 780m from 350m previously assessed. Shows only, no flow test or volumes.
4 Nov 2013flow test result▲ GoodMajor
Egilabria 2 has begun continuous gas flows after stimulation, with a flare of at least 2 feet at open choke and zero psi. The gas rate is unmeasured, so no commercial flow is shown. It resolves the long-awaited test, and the company calls it Australia's first multi-stage horizontal shale gas well.
25 Oct 2013investor presentation● Neutral
Brisbane Mining 2013 presentation by CEO Robbert de Weijer restating known facts: 300m shares, $90m market cap at 30c, $37.1m cash at 30 June, 19 permits over about 133,288 km2. No new announcement visible in the text seen.
23 Oct 2013drilling result▲ GoodMajor
Lamont Pass 3 hit live oil in fractures at 535m, with oil shows and connection gases up to 25 times background. It is a first oil sign in the 2013 NT campaign, still coring at 550m, with no flow test or volumes yet.
22 Oct 2013annual report● Neutral
Published annual report for 2013, a formatted version of the statutory accounts released 26 September. The chairman's letter covers the same points, including CEO Robbert de Weijer replacing Phil McNamara and the APA agreement for up to 330 PJ a year. No new information visible.
8 Oct 2013drilling progress report● Neutral
Myrtle Basin 1 reached 861m, topping the Barney Creek Shale deeper than expected, with coring planned and approval sought to deepen. The rig moved to Lamont Pass 3, drilling at 304m with connection gases up to 100 units; no flow results yet.
2 Oct 2013regulatory community update▲ GoodMajor
Armour was granted two more Northern Territory permits, EP191 and EP192, covering 24,700 km2 and lifting its granted NT area by 86%. They are seen as prospective for shale source rock based on historic oil shows; studies begin in 2014.
2 Oct 2013investor presentation● Neutral
October company presentation restating known facts: 300m shares, market cap $90m at 30c, cash of $37.1m at 30 June 2013, 19 permits over about 133,288 km2. It says Armour outperformed the small resources index. No new announcements evident.
26 Sept 2013annual report● Neutral
Annual report for the year to 30 June 2013 (statutory accounts). The readable extract is mainly the chairman's report, restating Glyde 1, the Lawn Shale stimulation, the 264 Bcf Coxco figure and 22 TCF. No new figures are visible in the text seen.
24 Sept 2013drilling result▲ GoodMajor
Egilabria 4 reached total depth of 1,839m, on time and within budget, with gas shows in the Lawn Shale, Riversleigh Shale and base of the Carpentaria Basin. Company says this supports continuous gas off structure. Egilabria 2 has recovered about one-third of frac fluid; gas not yet flowing, no rates.
19 Sept 2013drilling progress report● Neutral
Egilabria 2 stimulation is complete, with twelve zones fractured versus eight planned. Production test results are now expected around mid-October, and the company says it cannot accurately forecast the result or timing. Egilabria 4 reached the Lawn Shale at 1,055m, drilling at 1,312m.
16 Sept 2013drilling spud▲ GoodMajor
The 2013 Northern Territory campaign began with Myrtle Basin 1 spudded 13 September in 100%-owned EP176, planned to 800m. It targets a structure with 4.4 Bcf in-house prospective resource; Lamont Pass 3 and optional Caranbirini 1 follow, testing the Coxco Dolomite's 264 Bcf.
9 Sept 2013drilling progress report● Neutral
Halliburton has stimulated 3 of 8 planned stages on the Egilabria 2 lateral, with the rest due within a week; production test results slip to early October. Egilabria 4 has set casing at 477m after top-hole problems and is drilling toward 1,800m.
5 Sept 2013other● Neutral
Armour notes two broker/research reports covering the company (Edison, August 2013; RFC Ambrian, September 2013) are on its website. The company describes the analysis as favourable. No new company information.
26 Aug 2013drilling spud● NeutralMajor
Egilabria 4 vertical well spudded 22 August in ATP 1087, planned to 1,800m, targeting the Lawn and Riversleigh Shales and basal Jurassic sands. Egilabria 2's eight-stage frac is planned within two weeks, followed by a production test.
23 Aug 2013regulatory community update▲ Good
Fugro finished the 3,000 km2 airborne survey over western ATP 1087 two weeks early. Results will help pick seismic and drilling targets, and Armour aims to outline Riversleigh Shale prospective resources by end October 2013.
20 Aug 2013other● Neutral
Armour settled its Queensland Supreme Court litigation with its drilling contractor out of court 'on satisfactory terms', resolving the dispute first announced 5 September 2012. Settlement amount and terms are not disclosed.
13 Aug 2013drilling result▲ GoodMajor
Egilabria 2DW1 lateral reached 2,102m measured depth (1,747m TVD, 568m offset) and was cased, with gas flows and shows while drilling. An eight-stage frac is planned by end August, with production test results by end September. The rig then moves to Egilabria 4.
12 Aug 2013joint venture update● NeutralMajor
Lakes Oil says Beach Energy and Somerton (now Cooper Energy) withdrew from their PRL2 farm-in and their interests revert to Lakes. Armour now has 6 months to match any other farm-in proposal, or the terminated Beach deal. This changes the PRL2 option picture.
6 Aug 2013investor presentation● Neutral
August company presentation restating known facts. It shows cash of $37.1m at 30 June 2013, 300m shares, market cap $81m at 27c, 19 permits covering about 133,288 km2 and 19 staff. No new announcements are evident in the readable text.
5 Aug 2013contract award▲ Good
Armour contracted Fugro for a 3,000 km2 airborne gravity survey over western ATP 1087, due to start late August, to high-grade areas for seismic and drilling. The same method found 23 Batten Trough NT targets earlier in 2013.