Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Aug 2013director officer appointment● Neutral
Former CEO Philip McNamara resigned as a director with immediate effect. His final interest notice shows 3.45m shares and 7.76m $0.50 options, both escrowed to 26 April 2014. No reason is given; this follows his replacement as CEO.
29 July 2013drilling progress report▲ Good
Egilabria 2 lateral is drilling faster than expected and following its planned path, with gas shows and flares at 1,250-1,638m. An eight-stage frac is designed; flow test results are expected around mid September. No flow rate yet.
18 July 2013drilling spud▲ GoodMajor
Drilling began on the Egilabria 2 DW1 lateral from the vertical well at about 1,300m, targeting 570-750m of lateral and up to eight frac stages across 1,605-1,745m of Lawn Shale. Halliburton is contracted to frac in August to try to prove commercial gas flow.
11 July 2013drilling result▲ GoodMajor
Egilabria 2 reached total depth of 1,900m; logs show the Lawn Shale is 137m thick versus 125m expected, with gas over 800m (1,091-1,900m). The vertical well will be plugged back and the lateral drilled within days. Frac design awaits log analysis.
5 July 2013drilling progress report▲ Good
Egilabria 2 passed the base of the Lawn Shale at 1,810m, finding it 150m thick versus 125m expected. A 4-hour shut-in produced a 5m flare with 32% methane peak. Armour will deepen by 100m and says results support the lateral and frac.
4 July 2013drilling progress report▲ Good
Egilabria 2 reached 1,791m in the Lawn Shale, which is dark and organic, with frequent gas flares and a 1,100-unit show after a one-hour shut-in. Target depth is deepened to about 1,900m (from 1,850m) for logging and possible testing.
2 July 2013drilling progress report▲ Good
A second strong gas show with a 6-8m flare was hit at 1,519m in Egilabria 2, which stopped at 1,521m for a bit change. The Lawn Shale target lies at 1,640-1,790m. Gas shows only; no flow rates.
1 July 2013drilling result▲ GoodMajor
Egilabria 2 hit a gas zone at 1,097m producing an 8m flare, with a peak show of 1,417 units (about 23.8%). Casing set at 735m; depth 1,330m. The Lawn Shale target is at 1,640-1,765m. Shows only, no flow rate or test result yet.
27 June 2013director officer appointment● Neutral
New CEO de Weijer gets $375,000 base pay including super, a bonus of up to 40%, and 7.5m unlisted options at 50c, 75c and $1.00 (2.5m each) over 30 months. The options need any required approvals.
26 June 2013material agreement● Neutral
APA's own notice of the non-binding Heads of Agreement with Armour to explore new pipeline infrastructure. Any investment is conditional on gas resource certification, supply and transport agreements and final board approval. Duplicates Armour's announcement.
26 June 2013material agreement● Neutral
Re-release of APA's notice of the non-binding Heads of Agreement with Armour, filed under APT Pipelines (AQH). Identical to the APA announcement; no new information.
26 June 2013material agreement▲ GoodMajor
Armour signed a non-binding Heads of Agreement with APA Group to work on transporting up to 330 PJ a year of gas to Mt Isa, Queensland and Sydney. Pipeline building is conditional on resource certification and gas sales. Armour targets first gas February 2016.
25 June 2013director officer appointment● NeutralMajor
Robbert de Weijer, formerly CEO of Dart Energy Australia and COO of Arrow Energy, becomes CEO from 8 July 2013, replacing Phil McNamara. This is a change of chief executive; no reason for McNamara's departure is given.
21 June 2013drilling progress report● Neutral
Egilabria 2 reached 745m on mud after water stopped air drilling; 9-5/8 inch casing is being set at 743m to isolate the water. Gas shows in tight sandstones continue. Planned depth remains 1,850m, then the lateral and frac.
20 June 2013drilling result● Neutral
Lakes Oil's Yallourn Power 1 corehole in PEP 166 reached total depth of 1,201m, with 791m of core from Early Cretaceous shales. Gas readings were up to 75 units; evaluation continues. Armour holds 25%. No hydrocarbon flow reported.
6 June 2013drilling progress report● Neutral
Egilabria 2 is at 545m with first gas detected at 425m and 502m (peaks of 900 units) in the South Nicholson Group, alongside water. Hard rock slowed drilling. Casing point is 785m; the Halliburton frac is still planned for July.
24 May 2013drilling progress report● Neutral
Egilabria 2 has set 13-3/8 inch casing at 322m and reached 391m in the Isa Superbasin. Planned vertical depth is now 1,850m, up from 1,750m, and the lateral is now planned to 2,200m measured depth, down from 2,360m.
13 May 2013drilling spud▲ GoodMajor
Egilabria 2 vertical well in ATP 1087 spudded 12 May 2013, the start of Armour's Queensland shale program, planned to 1,750m. A lateral and six-stage frac in July follow. Armour targets up to 9 TCF over three years from the Lawn Hill Shale.
26 Apr 2013drilling scheduled▲ Good
Armour mobilised its drilling contractor and expects Egilabria 2 to spud the week of 6 May 2013, to 1,750m. A lateral well and fracture stimulation in July follow, then Egilabria 3 and 4, then three NT wells.
24 Apr 2013resource reserve update▲ GoodMajor
DeGolyer and MacNaughton certified 322 PJ (264.4 Bscf) unrisked prospective resources across 23 Coxco Dolomite targets, and 12.5 PJ (10.3 Bscf) 3C contingent resource for Glyde 1. This is the first independently certified contingent resource. Armour is in confidential gas sales talks with three parties.
4 Apr 2013contract award▲ GoodMajor
Armour signed Halliburton for a six-stage hydraulic stimulation of the planned Egilabria 2 DW1 lateral well in ATP 1087. Long-lead equipment is bought and drilling starts May 2013. This fills the frac contract thread; target is 9 TCF over three years.
21 Mar 2013security holder rights change● Neutral
500,000 unlisted 50-cent options expired because a geologist left the company late last year. Administrative notice with no wider implication stated.
20 Mar 2013drilling progress report▼ Bad
Yallourn Power 1 corehole is at 590m and coring ahead. Lakes says the fractured formation has made coring slower than expected. Armour holds 25% of the well.
15 Mar 2013half year report● Neutral
Half-year to 31 Dec 2012 shows a loss of $1,486,079, versus $192,402 a year earlier. Highlights recap known events: five NT wells, Glyde 1 flow, ATP 1087 grant, and Armour's 18.6% Lakes Oil stake. Text is truncated.
1 Mar 2013investor presentation● Neutral
North American investor presentation repeating known points: 41.3 Tcf prospective, 300m shares, and $36m net cash said to fully fund 2013 exploration. Market cap is shown as $102m at 34c. Nothing new in the visible text, which is truncated.
1 Mar 2013resource reserve update▲ GoodMajor
An in-house review of ATP 1087 identified four new play types: targets of up to 18 TCF gas in place in the Riversleigh Shale, and up to 1.8 TCF gas plus 137m barrels of liquids in three other plays. Recoverability is not assessed. Drilling is planned for Q2 2013.
18 Feb 2013drilling progress report● Neutral
Lakes Oil's Yallourn Power 1 corehole in PEP 166 is at 454m with casing cemented. The rig is being swapped for a coring rig, with coring due to start early next week. Armour funds 25%; planned depth 1,200m.
12 Feb 2013resource reserve update▲ GoodMajor
Armour identified 18 conventional Coxco Dolomite targets in the Batten Trough with 314 PJ risked prospective resources, superseding the earlier 130 BCF Glyde estimate. Unconventional mean prospective resource is 18.7 TCF. Drilling 21 wells could yield a 314 PJ 2C contingent resource.
8 Feb 2013director officer appointment● Neutral
Matthew Stubbs was appointed alternate director for Bill Stubbs, who is on holiday until 23 March 2013. He holds 50,000 shares and 12,500 listed options. Temporary administrative appointment.
5 Feb 2013contract award▲ GoodMajor
Armour hired Silver City Drilling for 2013 wells, replacing the terminated 2012 contractor, with lump-sum rig moves and performance criteria. Queensland drilling begins late April at Egilabria 2, with a six-stage frac planned July 2013, then NT wells. This resolves the drilling contract thread.
