Past year: ▼ 20%(10.0c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2014quarterly activities report● Neutral
June quarter: cash was about $6.5m, down from $7.9m, with no equity raise planned until 2015 if at all. Otway-1 is postponed until at least 2015 due to the Victorian moratorium. Partner talks continue with uncertain timing; NT field work is expected from September.
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.
30 Apr 2014quarterly activities report● Neutral
March quarter: cash fell to $7.9m from $11.3m, with no field work in the wet season. Armour says it plans no equity raising until 2015, if at all, relying on the Q3 R&D tax credit and farm-in partners. Otway-1 still awaits approval.
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.
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.
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.
31 Jan 2014quarterly activities report● Neutral
December quarter report restating Egilabria 2 gas flows and shut-in pressure build-up, the Lamont Pass 3 discovery and the PRL2 farm-in. Market cap is $54m at 18c, down from $90m at 30c a quarter earlier. Egilabria 2 testing resumes after the wet season in 2014.
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.
